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Highest Crop Insurance Coverage in Program History Offered to Saskatchewan Producers
- Saskatchewan's Crop Insurance budget for 2016 is $166 million.
- On average, coverage levels are increasing to a record $216 per acre in 2016, up from $183 per acre in 2015. The improved coverage is a result of better forecasted crop prices and increased long-term yields.
- Due to an increase in coverage, the premium per acre is going up slightly to an average of $7.84 per acre in 2016 from $7.06 in 2015. More enhancements have been introduced for 2016.
- The insurable area for fababeans has expanded to include the entire province and insurable yields have also increased, reflecting the growth in production of this crop.
- Insurance for Khorasan wheat has improved as producers can receive individual coverage for their farm. Previously coverage for this crop was based on area averages.
- An Establishment Benefit value of $30 per acre has been added for camelina, in response to the experience growers have gained with this new oilseed crop.
- In response to industry feedback, the cap on the forage insurance variable and in-season price option has been removed. This will allow for an increase in the market price of forage to be reflected in the claim payments of producers who select those options.
- This year producers will have higher forage coverage as insured prices have risen more than 30 per cent and forage establishment coverage has increased from $55 to $70 per acre. Forage insurance proved effective in 2015 as substantial payments were made to producers following a spring frost and dry conditions.
- Establishment Benefit values are rising for a number of crops in 2016 including soybeans, lentils, barley and Khorasan. The Establishment Benefit feature provided significant support to producers last spring when newly emerged canola was damaged by frost. Over 2,500 claims were quickly and effectively paid providing over $47 million to producers.
Agriculture and Agri-Food Canada
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Saskatchewan Crop Insurance Corporation
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