It was a busy year for the Canadian Crop Hail Association (CCHA).
With increasing input costs, inflation and stronger crop prices farmers bought a record-setting $10 billion in insurance coverage.
Insurance payments to prairie producers topped $265 million with producer premiums totaling more than $375 million.
The CCHA reported Saskatchewan had a 68 per cent loss ratio, compared to 133 per cent in 2021.
The final report of the season said farmers who waited to purchase hail coverage late in 2022 likely had a problem finding it due to the unanticipated 20 per cent increase in demand.
CCHA president Scott McQueen added producers should plan for their 2023 insurance needs early.
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