Manitoba's crop insurance coverage is expected to increase for the upcoming crop year, Canada's Minister of Agriculture and Agri-Food Marie-Claude Bibeau and Manitoba Agriculture Minister Derek Johnson announced today.
The ministers released details indicating that 2023 dollar values are higher than 2022 dollar values for most crops insured in Manitoba. Total AgriInsurance coverage for 2023 is expected to reach $5.3 billion on 9.45 million acres. This means the average coverage is estimated at $560 per acre, compared to $499 per acre in 2022. This increase in coverage reflects the expectation of continued strength in commodity prices into the 2023 crop year.
In the case of extreme weather events that impact production such as drought or excess moisture, the AgriInsurance program provides predictable coverage that producers can depend on when planning for the upcoming growing season.
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