MELVILLE - Details were released Tuesday morning on the 2024 Crop Insurance Program administered by Saskatchewan Crop Insurance Corporation.
Saskatchewan Agriculture Minister David Marit made the announcement in Melville, who outlined the enhancements to this year’s federal-provincial program for producers. He acknowledged this was producers' "first line of defence" in event of drought.
Here are highlights of what to expect for 2024:
The multi-peril crop insurance average coverage is going down $389 per acre, largely due to an average decrease in insured commodity prices. The average premium is also decreasing to $12.71 per acre.
Marit noted that producers' coverage and premium are individualized to their operation; coverage reflects each producer's production records and premium reflects each producer's claim history.
“I want to reassure our producers even when we face back to back difficult years, a combination of the Crop Insurance Fund, government and private reinsurance is in place to ensure the program remains reliable. Crop Insurance continues to be an actuarially sound program, with premiums set to ensure the long-term sustainability of the program. In addition, premiums are cost shared 60 per cent by Federal-Provincial government and 40 per cent by producers. Administration costs are fully funded by provincial and federal government
Marit is urging producers to evaluate their insurance and make sure they have the right coverage. The existing Weather-Based Programs include Forage Rainfall Insurance, the Corn Rainfall Insurance, and Corn Heat Unit Insurance. The rainfall insurance programs provide protection in the event seasonal precipitation is below the long-term average, adjusted for extreme heat; the Corn Heat Unit Insurance Program insures against a shortage of heat units over the growing season.
Marit said in 2023 over $60 million in claims have been paid to farmers through the Forage Rainfall Insurance.
With the 2024 Crop Insurance Program, a number of enhancements have been announced:
The Mixed Forage Rainfall Insurance Program protects any forage feed crop not previously covered under SCIC weather-based programs, including mixed forage, greenfeed and silage.
With the Intercrop Rainfall Insurance Program, annual intercrops intended for harvest can now be insured for below-average seasonal precipitation.
Coverage is increasing for the 2024 Forage Rainfall Insurance Program with coverage levels now better reflecting the productive capacity of the insured acres and increased transportation allowance. Producers can select from three levels of coverage: Low, Medium, and High.
For 2024, SCIC is announcing an additional 38 weather stations to supplement the existing network. There are 224 weather stations across the province, with most land located within 30 kilometres of at least one weather station. One weather station can be selected for each insured land location to allow producers to insure each of their land locations with relevant coverage.
According to their news release, Saskatchewan producers have a deadline of March 31 to apply, reinstate or cancel their Crop Insurance contract. Producers must select insured crops, coverage levels, price options or make additional changes by this date.
