Manitoba’s AgriInsurance program is expected to provide farmers with nearly $5 billion in coverage on an estimated 9.55 million acres for the upcoming crop year, federal Minister of Agriculture and Agri-Food Lawrence MacAulay and Manitoba Agriculture Minister Ron Kostyshyn announced today.

The ministers released details indicating that 2024 AgriInsurance premiums will be lower than they were in 2023 for most crops insured in Manitoba. For annual crops, producers can expect to pay an average premium of $16.21 per acre in 2024 compared to $19.21 per acre in 2023. Manitoba Agricultural Services Corporation (MASC) calculates premium rates using methodologies that are reviewed and approved by Agriculture and Agri-Food Canada (AAFC).

Continued volatility in global commodity markets has impacted AgriInsurance dollar values for the 2024 season. Some crops such as dry beans, forage seeds, potatoes, vegetables, and forages will have higher dollar values. For the majority of crops, however, dollar values are lower than 2023.

The AgriInsurance program is a risk management tool for Manitoba farmers to protect against production shortfalls and quality losses caused by natural perils. In the case of extreme weather events that impact production such as drought or excess moisture, the AgriInsurance program provides predictable coverage producers can depend on when planning for the upcoming growing season. The program is administered by MASC.

MASC is further enhancing the AgriInsurance program by launching a pilot program for the upcoming crop year designed to meet the needs of small-scale vegetable producers. The program will enable these producers to bundle eligible crops to meet acreage minimums so they can adequately insure a variety of their vegetable crops.

Source - https://www.canada.ca