Saskatchewan crop insurance reduces 2020 premiums, adds soybean coverage

Saskatchewan’s Crop Insurance Program has announced a reduction in premiums to $7.40 per acre, down from $8.61 in 2019. According to a news release, on average Crop Insurance coverage holds steady at $224 per acre, a decrease from $230 per acre last year.

“We are dedicated to maintaining a strong, growing agricultural economy,” says David Marit, Saskatchewan Agriculture Minister. “That is why we invest in business risk management programs to provide producers with protection against the unexpected.  In these times of market uncertainty and adverse weather conditions, support through a comprehensive suite of programs is important for Saskatchewan producers.”

Also new for this year, the insurable region for soybeans will cover the province as a whole. It will be based on a soybean producer’s individual insured history instead of the regional average and their experience discount or surcharge will be applied to premiums for soybean crops.

Additionally, irrigation coverage for soybeans will also be available which is something Saskatchewan Irrigation Projects Association (SIPA) is encouraged by. Chairman of the SIPA, Aaron Gray, explains they’ve had interest in expanding the industry in the province.

“Including soybeans in the Enhanced Irrigation Program will be of benefit to irrigators,” he says. “Saskatchewan irrigators can now make their decision on crop rotation based on their operations and not be penalized. Soybeans fit very nicely in an irrigator’s rotation.”

Other changes for this year include producers having up to seven years to rejoin the program with their previous premium discount/surcharge and yields intact. Deadline to select insured crops and coverage levels or make additional changes to their Crop Insurance contract is March 31, 2020. Should a producer need to apply, reinstate or cancel, they must do so also by the end of March.

According to a news release, ministers asked officials to change the treatment of private insurance for this year and from that, private insurance revenue will be excluded when calculating a producer’s program year margin. This increases the potential for an AgriStability benefit as private insurance revenue is not factored into the producer’s allowable income. Premiums for private insurance will remain included as allowable expenses.

As roughly 1.3 million insured acres were left out over winter, compensation for Saskatchewan producers is estimated to reach $350 million in claims. To see the full breakdown in changes, click here.

Leave a Reply

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Privacy Preference Center

Necessary

Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.

gdpr, __cfduid, PHPSESSID, wordpress_test_cookie, woocommerce_items_in_cart, woocommerce_cart_hash, wp_woocommerce_session, wordpress_logged_in, wordpress_sec, wp-settings, wp-settings-time, __cf_mob_redir, wordpress_cache, realag
__cfduid

Marketing

Measuring interactions with the ads on the domain.

__gads,fsk_ut_2317
scmtid,v,a,JSESSIONID
IDE

Statistics

These are used to track user interaction and detect potential problems. These help us improve our services by providing analytical data on how users use this site.

_ga,_gid,_gat,_cb,_chartbeat2,_chartbeat4
_ga,_gat
_ga,_gid
metrics_token

Preferences

Preference cookies enable the website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.

chartdefaults, comment_author, comment_author_email, comment_author_url
JSESSIONID, _os_session,anonymous_votes,csrf-param,csrf-token,user,user-id,user-platform,intercom-session,intercom-lou,intercom-session
personalization_id, tfw_exp