Enhancements Made to Crop Insurance Program Coverage for 2018
Today Agriculture Minister Lyle Stewart announced details of the 2018 Crop Insurance Program. Saskatchewan producers will have access to very high coverage as the Crop Insurance Program continues to improve, as a result of the success of Saskatchewan farmers and ranchers.
“Risk management is more important than ever for Saskatchewan producers,” Stewart said. “The Crop Insurance Program is more responsive than ever and will be extremely valuable this year as we come off of one of the driest years in the province’s history.”
On average, Crop Insurance coverage levels are $216 per acre, compared to $217 per acre in 2017. The slightly lower coverage is a result of lower insured crop prices in 2018; however, coverage levels remain very high thanks to the success of Saskatchewan producers as average yields continue to move higher. The average premium for 2018 is $8.41 per acre, down slightly from $8.51 per acre in 2017.
There are a number of enhancements for the Crop Insurance Program in 2018. Fire insurance for pastureland, more crops to be insured under the Contract Price Option and increased compensation rates for cattle lost due to predators are a part of today’s announcement. More information about the changes for 2018 and how coverage is individualized for each farm can be found at www.saskcropinsurance.com/ci.
"We are pleased to see these changes to forage insurance, the corn program, flooded hay land and the predation rate compensation formula,” Saskatchewan Cattlemen’s Association Chair Rick Toney said. “Compensating producers at a rate more in line with the expected value of the animal is important in treating livestock similar to crop loss. These changes, including adding wildfire coverage to pasture insurance, are all things we discussed with Saskatchewan Crop Insurance Corporation and are glad to see the positive response to industry suggestions.”
“Malting barley is a high-value crop for Saskatchewan producers, so establishing an effective insurance program for this crop is a priority for SaskBarley,” SaskBarley Director Keith Rueve said. “We are happy the Saskatchewan Crop Insurance Corporation enhanced the Contract Price Option as it makes malt barley a more appealing crop choice for Saskatchewan producers.”
March 31, 2018, is the deadline for producers to apply for, renew or make changes to their Crop Insurance contract. The Saskatchewan Crop Insurance Corporation has 21 offices across the province with experts who can help producers review the range of features and options available to customize coverage to the needs of their operation.
“There are many benefits to producers in the program announcement today,” SARM Division 4 Director Harvey Malanowich said. “We have been working with Saskatchewan Crop Insurance Corporation to develop these beneficial options and I encourage producers to see if they work for their farm.”
Crop Insurance is a Business Risk Management program supported through the Canadian Agricultural Partnership. Under Crop Insurance, premiums for most programs are shared 40 per cent by participating producers, 36 per cent by the Government of Canada and 24 per cent by the Government of Saskatchewan. Administrative expenses are fully funded by governments, 60 per cent by Canada and 40 per cent by Saskatchewan.