2023 Crop Insurance Program Enhancements Announced by Government of Canada and Saskatchewan
Government of Canada and Saskatchewan announce 2023 Crop Insurance Program enhancements
Federal Agriculture and Agri-Food Minister Marie-Claude Bibeau and Saskatchewan Agriculture Minister David Marit have announced the key details of the 2023 Crop Insurance Program. The Saskatchewan Crop Insurance Corporation (SCIC) is offering higher coverage this year, with an average coverage of $446 per acre - a record-high - due to the increased commodity prices and yield coverage. However, the average total premium is also higher than last year, coming in at $14.79 per acre, compared to 2022's $12.05. Starting in 2023, each Crop Insurance customer will receive a personalized premium calculated for each crop insured, based on their personal claim history and area risk zone. Premium discounts and surcharges are no longer applicable. In addition, SCIC is increasing the maximum dollar coverage levels for the Unseeded Acreage feature to help offset costs associated with summer fallow acres that are too wet to seed. The deadline to apply or make changes to Crop Insurance contracts for the 2023 season is March 31, 2023. So, if you are a crop insurance customer in Saskatchewan, make sure to take note of these changes and meet the necessary deadlines to ensure you have adequate coverage for your crops. AgriStability provides further coverage against uncontrollable events like rising input costs or falling commodity prices, and the compensation rate will increase from 70% to 80% for the 2023 program year.Quotes
The Crop Insurance Program's improved coverage provides Saskatchewan farmers with a dependable option. It is highly recommended that they utilize risk management tools to minimize the financial consequences of production losses caused by natural disasters. - The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food As we anticipate the upcoming 2023 growing season, it's important to acknowledge the unwavering resilience and determination exhibited by Saskatchewan farmers and ranchers, year in and year out. Despite some advancements, we cannot ignore the fact that some regions, especially the western parts of the province, are still grappling with dry conditions. Crop Insurance has been responsive to these difficulties and has taken prompt action in handling claims. It is therefore imperative that producers evaluate their current risk management tactics and ensure that their farms have sufficient coverage. - David Marit, Saskatchewan Agriculture Minister "It's beneficial to periodically assess the Program to ensure it's meeting the needs of farmers and operating efficiently. Farmers should take the time to review their insurance packages, assess their information, and explore their coverage options." - Keith Fournier, Chair, SaskCanola We recognize the persistent commitment to bolstering Saskatchewan's agriculture. The expansion of coverage for unseeded acres is a testament to SCIC's responsiveness in addressing the concerns raised by our members. - Ray Orb, President, Saskatchewan Rural Municipality Association (SARM)Key points
- Saskatchewan Crop Insurance Corporation (SCIC) provides a comprehensive range of business risk management programs to help Saskatchewan producers manage their risks. These programs include AgriStability, Crop Insurance, Livestock Price Insurance, and the Wildlife Damage Compensation and Prevention Program.
- Under the Canadian Agricultural Partnership, Crop Insurance serves as a Business Risk Management program that is funded by the federal, provincial, and territorial governments. Its purpose is to provide protection to farmers against production losses resulting from natural hazards. Most Crop Insurance premiums are shared amongst participating producers (40%), the Government of Canada (36%), and the Government of Saskatchewan (24%). The government fully fund all administrative expenses, with 60% coming from Canada and 40% from Saskatchewan.
