Farmers in the province can expect a 20 per cent reduction in 2021
Representatives from the Government of Alberta and Agriculture Financial Services Corporation (AFSC) recently announced a reduction in crop insurance premiums for this upcoming year.
For 2021, farmers in Alberta will see a 20 per cent reduction.
“From an individual basis, if the farmer had about 2,000 insured acres, the saving will be about $8,000 this year alone. So, that money is going back to Alberta farmers and something that they can invest into Alberta's rural economy, especially during the time when it's needed most,” said Devin Dreeshen, minister of Alberta Agriculture and Forestry.
In total, farmers in the province will save more than $55 million on their crop insurance premiums this year.
This reduction comes at a time when farmers need it most, said Dreeshen.
The reduction “will go a long way in helping farmers counter the looming 500 per cent increase in federal carbon tax, misguided clean fuel standard and punitive fertilizer limit regulations that the federal government is planning to implement. This is something in the win column for Alberta farmers to be able to counter that increase in taxes and regulations from the federal government,” Dresshen told Farms.com.
Government of Alberta reps are also committed to business risk management reforms to other programs offered, including AgriStability, said Dreeshen.
“AgriStability is a flawed program that really needs a revamp and that's something that we're actually engaged with commodity groups on ideas of how we could have a margin-based insurance program that replaces AgriStability. We're actually waiting for their feedback to see how best to design a replacement program for AgriStability. So, we are committed to obviously supporting and improving farm programs,” he said.
Farmers looking for more information on the premium reduction can visit the AFSC website.
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