On average, Manitoba farmers are going to be paying less for AgriInsurance in 2015.
The announcement came Tuesday as Manitoba Agriculture, Food, and Rural Development Minister Ron Kostyshyn made his address to the crowd at Manitoba Ag Days in Brandon.
“Every year, Manitoba's insurance and risk management programs are adjusted based on feedback from producers and other stakeholders,” said Minister Kostyshyn. “These changes help provide a strong risk management framework for crop and livestock producers, young farmers and those affected by flooding and other challenges.”
For 2015 premium rates are down by an average of 11 per cent, as compared to 2014.
Other improvements to ArgiInsurance include offering higher coverage for pedigreed soybeans, increasing the guaranteed grade for oil sunflowers to #1 Canada, and changing the escalating deductible for coarse hay to a flat 20 per cent for the harvest flood option.
More than 8,600 Manitoba farm operations are enrolled in AgriInsurance this year and it's anticipated that the total insured coverage will be over $2.3 billion.
Under AgriInsurance, 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 Manitoba government.
Administrative expenses are paid 60 per cent by Canada and 40 per cent by Manitoba.