January 19, 2016
2016 AgriInsurance Changes Benefit Manitoba Producers
The Canada and Manitoba governments are supporting AgriInsurance changes, giving producers higher coverage at a lower cost for 2016, Federal Agriculture Minister Lawrence MacAulay and Manitoba Agriculture, Food and Rural Development Minister Ron Kostyshyn announced today.
AgriInsurance, administered through the Manitoba Agricultural Services Corporation (MASC), has been updated for 2016 based on producer feedback and market conditions.
Changes to programs for 2016 include:
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AgriInsurance: Higher Coverage for Less Premium
- Due to higher average insured dollar values (prices) and probable yields, AgriInsurance coverage will increase an average of seven per cent, while the average premium per acre will decrease by four per cent.
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Grade Guarantee for Feed Wheat
- A grade guarantee for feed wheat has been added to protect against quality losses.
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Vegetable Acreage Loss Insurance Program Expanded
- This program, which mitigates risks associated with vegetable production, has been expanded with the addition of four crops.
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Pasture Days Insurance Program Expanded
- Previously limited to 90 producers, this program has been expanded provincewide for the next three years, compensating livestock producers for pasture shortfalls and/or supplemental feeding.
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Wildlife Damage Compensation
- After April 1, the maximum compensation value will increase for animals injured or killed by livestock predators. Additionally, the compensation for young animals will be revised to reflect what would have been the value of the animal at weaning weight, rather than at the time of loss.
This year, MASC will provide an estimated $2.4 billion in coverage for 8,500 Manitoba farms. Under AgriInsurance, premiums for most programs are shared 40 per cent by participating producers, 36 per cent by the Government of Canada and 24 per cent by the Manitoba Government. Administrative expenses are paid 60 per cent by Canada and 40 per cent by Manitoba.
AgriInsurance is a business risk management program supported by the Canada and Manitoba governments through Growing Forward 2, a federal-provincial-territorial initiative.
Complete information on this year’s program changes can be found at www.masc.mb.ca.
Quotes
“AgriInsurance stabilizes a producer's income by minimizing the economic effects of production losses caused by natural hazards. The Government of Canada continues to work closely with Manitoba to help make production insurance affordable.” – Federal Agriculture Minister Lawrence MacAulay.
“Creating an environment for producers to succeed in Manitoba is vital to building strong rural communities in our province. Financial stability, especially during production shortfalls, provides an important level of support to the people who contribute greatly to Manitoba’s economy.” – Manitoba Agriculture, Food and Rural Development Minister Ron Kostyshyn
Additional Links
www.agr.gc.ca/eng/about-us/key-departmental-initiatives/growing-forward-2/?id=1294780620963
www.gov.mb.ca/agriculture/growing-forward-2/
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