Relatively low losses in the last two years mean Manitoba crop producers can expect their crop insurance premium rates to drop by an average of five per cent.
Agriculture Minister Rosann Wowchuk, speaking Tuesday at Manitoba Ag Days in Brandon, announced that among other changes to the province’s Production Insurance program for 2009 — also including the program’s name. The program is now called AgriInsurance, in support of the federal/provincial Growing Forward policy framework agreement.
For 2009, AgriInsurance will also expand its insurable area for soybean production in Manitoba, in response to requests from farmers, new earlier-maturing varieties and increased soybean acreage in the province.
The province, which operates AgriInsurance through its Manitoba Agricultural Services Corp. (MASC), also pledged an increase in the Forage Restoration Benefit, meant to help insured farmers who lose hay crops due to excess moisture, to $60 from $40 per acre.
The insurable period for the Forage Restoration Benefit will also be extended, from June 20 to Oct. 1
Also for 2009, AgriInsurance will raise the higher level of financial coverage for Forage Establishment Insurance, to $60 from $40 per acre.