Cabinet has passed an order-in-council authorizing an additional $8.2 million in spending for the government’s share of Saskatchewan crop insurance premiums. The money is part of a larger special warrant for additional spending to March 31, 2020. Saskatchewan Crop Insurance Corp. chief executive officer Shawn Jaques said the extra money is required to cover higher program use and wildlife damage claims.
Congress required several changes to crop insurance as part of the 2018 Farm Bill and the Risk Management Agency has been rapidly working to get the new rules in place. That’s in addition to trying to help producers deal with extremely wet and damaging weather conditions in 2019, says RMA Administrator Martin Barbre.
A light harvest has weighed heavily on GrainCorp's financial position this season, but it has also triggered a $57.9 million insurance payout. Yesterday, the national commodity forecaster ABARES pegged Australia's 2019/20 winter crop production for New South Wales, Victoria, and Queensland at 11.44 million tonnes.
The government’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY), or crop insurance scheme, is likely to see a crunch in insurance capacity as companies as well as re-insurers move away from offering covers. While on one hand, re-insurers have increased rates for offering cover to insurers, on the other, claims continue to pile up.
Agricultural producers now can enroll in the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs – two U.S. Department of Agriculture (USDA) safety net programs – for the 2019 and 2020 crop year. ARC provides income support payments on historical base acres when actual crop revenue declines below a specified guaranteed level.
Kenya plans to take insurance against droughts and floods amid changing weather patterns that are increasingly threatening the country’s food security. The country is set to restart paying premiums next month to the Africa Risk Capacity (ARC), an insurance agency of the African Union that helps member countries mitigate against natural calamities such as floods and drought.
The government is planning to revamp its flagship crop insurance scheme - Pradhan Mantri Fasal Bima Yojana (PMFBY) - by giving more flexibility and freedom to states and farmers in choosing insurance products for risk hedging as per the proneness of the particular state to the specific weather vagary.
As the hemp industry grows in popularity around the country, the USDA has introduced two programs to help protect hemp producers' crops from natural disasters The first insurance program through Multi-Peril Crop Insurance (MPCI) provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or Cannabidiol (CBD) oil.
A pilot hemp insurance program through Multi-Peril Crop Insurance provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or Cannabidiol (CBD) oil and the Noninsured Crop Disaster Assistance Program (NAP) coverage protects against losses associated with lower yields, destroyed crops or prevented planting where no permanent federal crop insurance program is available.
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