Federal and Sask. governments announce enhancements for 2023 Crop Insurance Program | 24CA News
The federal and provincial governments have introduced particulars of the 2023 Crop Insurance Program.
On Feb. 27, federal Agriculture and Agri-Food Minister Marie-Claude Bibeau and Saskatchewan Agriculture Minister David Marit mentioned Saskatchewan farmers proceed to get the protection they’ll depend on with the enhancements.
“We encourage farmers to use risk management tools to help them minimize the economic effects of production losses caused by natural hazards,” mentioned Bibeau.
In a launch, Marit acknowledged the drive and resilience Saskatchewan farmers and ranchers proceed to point out yr after yr.
Read extra:
Crop insurance coverage protection, charges going up in Saskatchewan, however premium value declining
“We had some rough years and while last year was a step forward, there were still very dry areas in the West side of the province and Crop Insurance responded with quick action on claims,” Marit mentioned. “That is why it’s important for producers to evaluate their current risk management options and ensure they have the right coverage for their farm.”
According to a launch, the typical protection for 2023 is at a record-high degree of $446 per acre, as a consequence of elevated commodity costs and yield protection. With this elevated protection and better insured costs, the typical whole premium is $14.79 per acre, a rise from $12.05 in 2022.
“Starting in 2023, Crop Insurance customers will see an Individual Premium calculated for each crop they insure,” learn the discharge. “Premiums are individualized based on a producer’s personal claim history compared to the area risk zone. This adjustment (increase or decrease) from the base premium rate is calculated for each customer, and independently for each insured crop. This means a producer’s claim on one crop does not impact their premium for a different crop. Premium Discounts and Surcharges previously used in the Crop Insurance Program are discontinued.”
Saskatchewan Crop Insurance Corporation (SCIC) is rising the utmost greenback protection ranges of the Unseeded Acreage function whereas the minimal protection stays the identical at $50 per acre, further Unseeded Acreage protection ranges are rising to $75, $100 and $125 per acre. In addition, unseeded acreage protection can even be included to assist offset prices related to summer time fallow acres too moist to seed as a consequence of extreme spring moisture.
“We appreciate the ongoing commitment to Saskatchewan agriculture,” Saskatchewan Rural Municipality Association (SARM) President Ray Orb mentioned. “The increases to unseeded acres coverage stands out as an example of SCIC listening and incorporating the concerns of our members.”
AgriStability is a part of SCIC’s applications that gives additional protection towards uncontrollable occasions like rising enter prices or falling commodity costs. According to the discharge, through the 2023 program yr, the AgriStability compensation fee will improve from 70 per cent to 80 per cent to raised assist farmers in instances of want. This will enable AgriStability to be extra responsive when a farm experiences a big margin decline, offering further compensation to deal with the operation’s monetary shortfall.
Producers have till March 31, 2023, to use, reinstate, cancel or make modifications to Crop Insurance contracts and so they should additionally choose insured crops and protection ranges by this date. If no modifications are made, a producer’s protection will stay the identical as final yr. To make modifications or talk about the totally different options and protection ranges, producers can contact their native SCIC workplace or name 1-888-935-0000.
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