News in Brief:
– Saskatchewan Crop Insurance Program for 2024 sees reduced average premiums, expanded coverage options for intercrops and additional feed crops.
– Producers have until 31 March 2024 to modify their contracts with added weather stations improving coverage across the province.
Canada’s Agriculture Minister Lawrence MacAulay and Saskatchewan Agriculture Minister David Marit announced updates to the 2024 Crop Insurance Program, administered by the Saskatchewan Crop Insurance Corporation (SCIC).
Over the last three years, the company’s suite of business risk management programs has disbursed over 6 billion dollars in insurance claims and benefits to Saskatchewan producers, primarily in response to weather-related production losses.
New changes for Saskatchewan Crop Insurance Corporation in 2024
- Decreased Coverage Costs: Average coverage per acre is now $389, down from the previous year, leading to a reduced average premium of $12.71.
- Expanded Coverage: Weather-based programs now include insurance options for intercrops and additional feed crops, offering more tailored protection for producers.
- Increased Weather Stations: The company has added 38 weather stations, improving coverage density province-wide, and allowing producers to make more informed decisions.
Local Impact
These enhancements directly benefit farmers, offering them better tools to mitigate economic losses caused by adverse weather conditions.
Producers have until 31 March 2024 to apply, reinstate, or modify their Crop Insurance contracts, ensuring their operations are adequately covered.
The changes have been welcomed by agricultural organisations such as the Saskatchewan Cattlemenâs Association and the Saskatchewan Association of Rural Municipalities, who appreciate the responsiveness of the government to the needs of producers.
The Saskatchewan Crop Insurance Program continues to evolve, providing vital support to the province’s agricultural sector. With these enhancements, producers can better manage risk and safeguard their livelihoods against unforeseen challenges.
For more information, producers are encouraged to contact their local SCIC office or visit the company’s website. Crop Insurance remains a crucial tool in ensuring the resilience and sustainability of Saskatchewan’s agriculture industry.
