Agriculture Minister David Marit released the details on the 2024 Saskatchewan Crop Insurance program on Tuesday.
The program is cost shared between the Federal Government, the Province, and producers with the Saskatchewan Crop Insurance Corporation (SCIC) administering the program.
Marit says this year's enhancements build on SCIC's existing suite of Business Risk Management programs that have helped to support producers that have been impacted by drought.
"Over the last three years, this suite of programs has largely responded to weather-related production losses, providing over six billion dollars of insurance claims and other program benefits directly to Saskatchewan producers. For 2024, multi-peril crop insurance average coverage is $389 per acre, a decrease from 2023, largely due to an average decrease in insured commodity prices. As a result, the average premium is also decreasing to $12.71."
SCIC's President and CEO Jeff Morrow says as an example in 2024 the average premium for Hard Red Spring Wheat would be $7.55 per acre for about $318 in coverage, the average premium for Canola would be $17.28 per acre for about $493 in coverage, while the average premium for large green lentils would be $27 an acre for about $380 in coverage.
SCIC notes that producers' coverage and premiums are individualized to their operation and reflect each producer's production records and claim history.
As part of Crop Insurance producers have access to a variety of Weather Based Programs including Forage Rainfall Insurance, Corn Rainfall Insurance, and Corn Heat Unit Insurance.
Marit announced enhancements to the programs providing new options for insuring intercrops and additional feed crops.
The Mixed Forage Rainfall Insurance Program now protects any forage feed crop not previously covered under weather-based programs, including mixed forage, greenfeed, and silage, if seasonal precipitation is below average.
The Intercrop Rainfall Insurance Program ensures that annual intercrops intended for harvest can now be insured for below-average seasonal precipitation.
Click here to see more...