The AgriInsurance Program in Manitoba has proven to be quite a hit with crop producers in the region, with estimates suggesting that the program’s coverage is on track to break records.
Agriculture Minister Ralph Eichler confirmed on Jan. 17 during a conference that AgriInsurance coverage in the province is anticipated to surpass $2.6 billion this year, the second-highest level on record. Although coverage is increasing at an average of 7%, premium rates are down an average of 4% when compared to the previous year.
“Through AgriInsurance, we continue to offer a comprehensive risk management program for Manitoba’s farmers, which is effective whether they are just starting out or have had years of experience,” Eichler said. “To ensure the long-term growth of our province’s agriculture sector, AgriInsurance is an essential tool, as it provides reliable protection against the unpredictable challenges of weather and other production-related risks.”
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A news release detailed that over 8,400 Manitoba farms are enrolled in AgriInsurance. Additionally, the province has the highest level of AgriInsurance participation in Canada, with more than 90% of annual crop acres covered.
AgriInsurance is funded by the federal and provincial government, as well as participating farmers. The two governments’ share of AgriInsurance premiums for 2017-18 is expected to be $136.3 million, reported
Manitoba Co-operator.
Under AgriInsurance, premiums are shared among those funding the program. Participating farmers take 40% of the premiums, while the federal and Manitoba governments take 36% and 24%, respectively. Administrative expenses for the program are paid 60% by Ottawa and 40% by Manitoba.
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