The Agri Insurance program, a cornerstone of risk management for farmers, is introducing changes to aid producers amidst fluctuating global markets.
This initiative, announced by federal Agriculture Minister Lawrence MacAulay and Manitoba Agriculture Minister Ron Kostyshyn, highlights the government’s commitment to the agricultural community.
For the 2024 crop year, Agri Insurance is poised to provide close to $5 billion in coverage over an estimated 9.55 million acres. This marks a substantial support system for Manitoba farmers, ensuring they have the necessary backing to handle various natural perils like droughts or floods.
A notable change for this year is the reduction in premiums. The average premium for annual crops is set to decrease to $16.21 per acre from the previous $19.21, offering a financial reprieve to producers.
The program's coverage extends to over 80 different crop types, reflecting its comprehensive nature. This diversity is particularly relevant given the ongoing volatility in global commodity markets. While some crops like dry beans and potatoes will see increased dollar values due to these market conditions, most crops will witness a reduction compared to 2023.
Ron Kostyshyn, Manitoba Minister of Agriculture highlights “This is good news for producers at a time when risks and costs related to farming in Manitoba continue to climb. We’re happy to offer affordable risk management for Manitoba farmers through the Agri Insurance program because we know that any reduction in operational costs helps their bottom line.”
The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food emphasize “Canadian farmers have experienced a challenging growing year, battling a range of extreme weather events from floods to wildfires and drought. We know the uncertainty this causes for the sector, and why access to flexible and affordable risk management tools is so vitally important. The AgriInsurance program covers over 80 different crop types and will help ensure our hardworking farmers in Manitoba are able to continue to produce the high-quality products they are known for.”
In 2024, Agri Insurance is introducing a pilot program specifically designed for small-scale vegetable producers. It allows these producers to bundle eligible crops to meet acreage minimums, thus providing more inclusive insurance options.
To find out more, contact your local Manitoba Agricultural Services Corporation Centre. https://www.masc.mb.ca/masc.nsf/contact.html