AgriInsurance coverage is expected to reach $5.3 billion in 2023, up from the $4.7 billion projected last spring, the provincial ag minister announced at Manitoba Ag Days in Brandon on Tuesday.
“The costs and risks related to farming in Manitoba continue to climb,” Agriculture Minister Derek Johnson said in a release.
Average coverage is estimated at $560 per acre, compared to $499 in 2022, the province said in the release. The increase reflects an expectation of continued strong commodity prices.
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Johnson announced that the Contract Price Option (CPO) will be expanded to include most crops and their pedigreed and organic iterations. It still excludes potatoes, vegetables and forages. Previously only canola and field peas were eligible.
The CPO is meant to better reflect expected market prices by blending the price of contracted production with the base AgriInsurance dollar value.
Among other program upgrades for this year, premium rate calculations will be amended so rates do not exceed a 10 per cent year-over-year increase, Johnson said.
For more information check back with the Manitoba Co-operator.
