Manitoba farmers will continue to benefit from comprehensive coverage provided through AgriInsurance and the Western Livestock Price Insurance Program (WLPIP) in the upcoming season, Federal Agriculture Minister Lawrence MacAulay and Manitoba Agriculture Minister Ralph Eichler announced today.
Ministers noted total AgriInsurance coverage for 2017 is expected to exceed $2.67 billion on 9.6 acres in Manitoba, the second highest level of coverage on record. AgriInsurance coverage is increasing on average by seven per cent, while premium rates are down by an average of four per cent, as compared to last year.
The Western Livestock Price Insurance Program (WLPIP), which was expanded to include Manitoba cattle and hog producers in 2014, provides protection against unexpected price decline. Due to lower cattle prices in 2016, WLPIP paid out $1.7 million to producers in Manitoba, with 73 per cent of insured calves qualifying for a payment. The average payment for each calf that qualified for an indemnity was $94. Under WLPIP, administrative expenses are paid 60 percent by Canada and 40 per cent by Manitoba. Premiums are paid by participating producers.
AgriInsurance and WLPIP are risk management programs supported through Growing Forward 2, the five-year federal-provincial-territorial policy framework, and are administered by the Manitoba Agricultural Services Corporation (MASC).
Source : Agriculture and Agri-Food Canada