Today, Federal Agriculture and Agri-Food Minister Marie-Claude Bibeau and Saskatchewan Agriculture Minister David Marit announced details of the 2023 Crop Insurance Program.
Saskatchewan Crop Insurance Corporation (SCIC) continues to provide Saskatchewan producers with higher Crop Insurance coverage. The average coverage for 2023 is at a record-high level of $446 per acre, due to increased commodity prices and yield coverage. With this increased coverage and higher insured prices, the average total premium is $14.79 per acre, an increase from $12.05 in 2022.
Starting in 2023, Crop Insurance customers will see an Individual Premium calculated for each crop they insure. Premiums are individualized based on a producer's personal claim history compared to the area risk zone. This adjustment (increase or decrease) from the base premium rate is calculated for each customer, and independently for each insured crop. This means a producer's claim on one crop does not impact their premium for a different crop. Premium Discounts and Surcharges previously used in the Crop Insurance Program are discontinued.
Also effective for 2023, SCIC is increasing the maximum dollar coverage levels of the Unseeded Acreage feature. While the minimum coverage remains the same at $50 per acre, additional Unseeded Acreage coverage levels are increasing to $75, $100 and $125 per acre. Unseeded Acreage coverage, included with all multi-peril Crop Insurance coverage, helps offset costs associated with summer fallow acres too wet to seed due to excessive spring moisture.
March 31, 2023 is the deadline to apply, reinstate, cancel or make changes to Crop Insurance contracts. Producers must also select insured crops and coverage levels by this date. If no changes are made, a producer's coverage will remain the same as last year. To make changes or discuss the different features and coverage levels, producers can contact SCIC.
While Crop Insurance provides coverage from seeding through harvest, AgriStability provides further coverage against uncontrollable events like rising input costs or falling commodity prices. For the 2023 program year, the AgriStability compensation rate will increase from 70% to 80% to better support farmers in times of need. This allows AgriStability to be more responsive when a farm experiences a large margin decline, providing additional compensation to address the operation's financial shortfall.
