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Saskatchewan farmers got their first glimpse Monday at the 2023 Crop Insurance Program.
The average coverage is at a record-high level of $446 per acre, thanks to increased commodity prices and yield coverage. The average total premium is $14.79 per acre, up from $12.05 in 2022.
“Through improvements to the Crop Insurance Program, Saskatchewan farmers continue to get coverage they can count on,” federal Agriculture and Agri-Food Minister Marie-Claude Bibeau said in a release. “We encourage farmers to use risk management tools to help them minimize the economic effects of production losses caused by natural hazards.”
“As we look forward to the 2023 growing season, I want to acknowledge the drive and resilience Saskatchewan farmers and ranchers continue to show year after year,” added Saskatchewan Agriculture Minister David Marit.
“We had some rough years and while last year was a step forward, there were still very dry areas in the west side of the province and Crop Insurance responded with quick action on claims. That is why it’s important for producers to evaluate their current risk management options and ensure they have the right coverage for their farm.”
A new feature in 2023 is an individual premium, which is to be calculated for each crop producers insure. The increase or decrease is calculated for each customer, and is independent for each insured crop.
According to the release, premium discounts and surcharges previously used in the Crop Insurance Program have been discontinued.
Also new in 2023 is an increase to the maximum dollar coverage levels of the unseeded acreage feature. The release said that while the minimum coverage stays at $50 per acre, additional unseeded acreage coverage levels are increasing to $75, $100 and $125 per acre.
The deadline to apply, reinstate, cancel or make changes to contracts is March 31. Farmers also have to select insured crops and coverage levels by that date. If no changes are made, a producer’s coverage will remain the same as last year.
In 2023, the AgriStability compensation rate will increase from 70 per cent to 80 per cent to better assist farmers in times of need.
For more information, producers can call SCIC at 1-888-935-0000 or visit scic.ca.