Once again, Saskatchewan producers will have access to the highest coverage in program history as the Crop Insurance Program continues to strengthen and provide effective risk protection for Saskatchewan farmers and ranchers.
On average, Crop Insurance coverage levels are increasing to a record $217 per acre, up from $216 per acre in 2016.
The improved coverage is a result of the continuation of strong forecasted crop prices and increased long-term yields. Due to an increase in coverage, the premium per acre is going up slightly to an average of $8.51 per acre from $7.84 per acre in 2016.
The effectiveness of the Crop Insurance Program for farmers was evident in 2016. A challenging growing season that included many storms and excess moisture across the province stretched into a delayed harvest.
Quality downgrading occurred to many crops and approximately 1.3 million acres of crop was unable to be harvested last fall.
While Crop Insurance claims will be finalized into spring, the compensation for producers’ yield and quality losses due to last year’s challenging growing season is estimated to reach $650 million; however, more than $300 million was delivered before the end of 2016.
The Crop Insurance Program includes individualized coverage for each farming operation. The Saskatchewan Crop Insurance Corporation (SCIC) also provides a range of coverage options and program features that allow each farm to personalize their insurance.
Producers should visit their local Crop Insurance office before the March 31 deadline to review the coverage options available and to make sure the selections they make are providing the right risk protection for their farm business.
Changes to a Crop Insurance contract or new applications need to be made by March 31. Producers who prefer to do their business online are encouraged to use CropConnect where reviewing coverage, options and making selections can be conducted from their computer, laptop or mobile device. Detailed program and contract information is available at any local Crop Insurance office, at www.saskcropinsurance.com or by phoning 1-888-935-0000.
Crop Insurance is a Business Risk Management program supported through Growing Forward 2.
Under Crop Insurance, premiums for most programs are shared 40 per cent by participating producers, 36 per cent by the Government of Canada and 24 per cent by the Government of Saskatchewan.
Administrative expenses are fully funded by governments, 60 per cent by Canada and 40 per cent by Saskatchewan.