Many producers in Saskatchewan won’t have to pay as much for crop insurance this year.
The province and federal government have announced changes to the crop insurance program which includes the average price per acre dropping from $446 to $389.
This means the average premium, which is the amount paid to keep a policy active, will decrease to $12.71.
Jeff Morrow, the president and CEO of the Saskatchewan Crop Insurance Corporation, told farmnewsNOW crop prices are why the averages are dropping.
“The (crop) prices have softened so much that it’s still a lower average premium per acre.”
It’s not out of the question that prices are rising for many producers due to insurance claims. Over the last three years, more than $6 billion has been handed out.
One of the other major changes will benefit livestock producers. Feed crops like forage, greenfeed, and silage will now be covered. Morrow explained the lack of coverage was one of the bigger issues brought up by producers.
“Our livestock producers, in particular, have been dealing with successive years of drought, so they were certainly looking for improved tools to use for their risk management,” he said.
Other changes can be found on the Government of Saskatchewan’s website.
Producers have until March 31, 2024, to apply, reinstate, or cancel their Crop Insurance contract.
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