Manitoba announces record agri-insurance for 2013
By Province of Manitoba
Feb. 25, 2013, Winnipeg, MB - The Manitoba AgriInsurance program provided a record level of coverage for 2013, Federal Agriculture Minister Gerry Ritz and Manitoba Agriculture, Food and Rural Initiatives Minister Ron Kostyshyn announced today.
The Province announced it is increasing insurance coverage for 2013 by 13 percent to an all-time high of $2.6 billion. The areas eligible for insurance will be expanded to offer insured values that keep pace with changes in the market.
The increase is a result of higher insured crop values compared to 2012, resulting in about $200 million of additional insured coverage. Manitoba's share of the AgriInsurance premiums increases to $67.16 million for 2013, up $8.3 million from last year.
The AgriInsurance changes for 2013 include:
- Expanding insurance availability, on a test basis, to soybeans, grain corn, sunflowers and dry edible beans, which previously were restricted to certain designated areas. The development of new varieties in recent years has allowed for insurance to be provided outside of traditional growing areas.
- Expanding the Pasture Days Insurance Pilot Program to the Dauphin and Neepawa insurance agencies, with the objective of determining how much demand there is for this product.
- Adding an over-seeding option to the Forage Restoration Benefit. This provides producers with another option for restoring damaged forage crops.
The deadline for applying for or making changes to an AgriInsurance contract is April 2.
Under AgriInsurance, premiums for most programs are shared 40 percent by participating producers, 36 percent by the Government of Canada and 24 percent by the Province of Manitoba. Administrative expenses are paid 60 percent by Canada and 40 percent by Manitoba.