Insurance premium per acre will increase
By Diego Flammini
Assistant Editor, North American Content
Farms.com
Federal Agriculture Minister Lawrence MacAulay and Saskatchewan Agriculture Minister Lyle Stewart announced details of the 2017 Saskatchewan Crop Insurance Program and farmers could see their rates jump a bit.
According to a joint release, insurance coverage will increase to $217 per acre in 2017. This figure compares to $216 per acre in 2016.
As a result, the premium per acre will jump from $7.84 per acre in 2016 to $8.51 per acre in 2017.
“More than ever, Saskatchewan producers need access to relevant and reliable risk management programming,” Minister Stewart said in the release. “The 2017 Crop Insurance Program provides the coverage and options that producers need to effectively protect their farm while providing the flexibility to be innovative and make the best decisions to be successful.”
Producers in Saskatchewan faced adverse weather conditions during harvest, resulting in decreased quality of harvested crops.
L to R: Saskatchewan Minister of Agriculture Lyle Stewart and Federal Minister of Agriculture Lawrence MacAulay.
In the most extreme cases, farmers were unable to harvest some crops. Approximately 1.3 million acres of crops were left in fields.
“Crop insurance remains the most cost effective tool farmers have to protect their farm business against weather related damage to their crops,” Minister MacAulay said in the release. “The Government of Canada is working closely with provinces and territories to ensure producers continue to have access to a comprehensive suite of business risk management programs.”
Crop Insurance compensation is estimated to reach $650 million for growers in the province.
Farms.com has reached out to producers in Saskatchewan to get their thoughts on the increased insurance premiums.