Manitoba’s AgriInsurance program is expected to provide farmers with nearly $5 billion in coverage on an estimated 9.55 million acres for the upcoming crop year, federal Agriculture and Agri-Food Minister Lawrence MacAulay and Manitoba Agriculture Minister Ron Kostyshyn announced Tuesday.
“Canadian farmers have experienced a challenging growing year, battling a range of extreme weather events from floods to wildfires and drought,” said MacAulay. “We know the uncertainty this causes for the sector, and why access to flexible and affordable risk management tools are 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.”
The ministers released details indicating that 2024 AgriInsurance premiums will be lower than they were in 2023 for most crops insured in Manitoba. For annual crops, producers can expect to pay an average premium of $16.21 per acre in 2024 compared to $19.21 per acre in 2023. Manitoba Agricultural Services Corporation (MASC) calculates premium rates using methodologies that are reviewed and approved by Agriculture and Agri-Food Canada.
“Managing costs and risks will be critical for success as margins are projected to tighten,” said Kostyshyn. “We’re pleased to offer affordable and effective risk management for Manitoba farmers through the AgriInsurance program.”
Continued volatility in global commodity markets has impacted AgriInsurance dollar values for the 2024 season. Some crops such as dry beans, forage seeds, potatoes, vegetables and forages will have higher dollar values. For the majority of crops, however, dollar values are lower than 2023.
The AgriInsurance program is a risk management tool for Manitoba farmers to protect against production shortfalls and quality losses caused by natural perils. In the case of extreme weather events that impact production such as drought or excess moisture, the AgriInsurance program provides predictable coverage producers can depend on when planning for the upcoming growing season. The program is administered by MASC.
MASC is further enhancing the AgriInsurance program by launching a pilot program for the upcoming crop year designed to meet the needs of small-scale vegetable producers. The program will enable these producers to bundle eligible crops to meet acreage minimums so they can adequately insure a variety of their vegetable crops.
The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is a five-year $3.5-billion investment by Canada’s federal, provincial, and territorial governments that supports Canada’s agri-food and agri-products sectors. Under the Sustainable CAP, AgriInsurance premiums for most programs are shared 40 per cent by insured producers, 36 per cent by the government of Canada and 24 per cent by the Manitoba government. Administrative expenses are shared 60 per cent by Canada and 40 per cent by Manitoba.
For more information, contact MASC at www.masc.mb.ca/masc.nsf/contact.html or go to www.masc.mb.ca/masc.nsf/index.html.
(Government of Manitoba news release)
