The Canada and Manitoba governments are investing $253,600 through the Canadian Agricultural Partnership (CAP) to develop a new usage-based insurance (UBI) product, in collaboration with Dairy Farmers of Manitoba (DFM), to respond to needs expressed by forage crop growers and other stakeholders in a 2020 review of forage insurance programs, federal Member of Parliament for Winnipeg South Terry Duguid and Manitoba Agriculture Minister Derek Johnson announced today.
The province will enter a two-year contribution agreement (2021-22 to 2022-23) with DFM to provide up to $253,600 in CAP-Ag Action Manitoba Strategic Initiatives (industry-led) federal flow-through funding. The project will be led by DFM in partnership with the Manitoba Beef Producers and four additional producer organizations.
The project will develop a usage-based, farm-specific index insurance product for Manitoba forage growers. It includes the integration of satellite remote sensing and other big data, combined with an interactive web-based application that farmers can use to individualize their insurance, receive real-time and dynamic pricing, monitor forage production throughout the season and fast-track claims settlements.
