Corn farmers insured: 560 Insured corn acres: 161,500 Total corn coverage:
$51.5 million Corn premium collected:
$9.6 million (Farmers paid
40 per cent or $3.8 million, the federal government paid 36 per cent or $3.5
million and Manitoba paid 24 per cent or $2.3 million.)
Average probable (long-term average) corn yield:
88.8 bushels an acre Average corn premium:
$23.85 an acre Average corn coverage:
$319.09 an acre Average corn coverage level:
76 per cent (Options are either 50, 70 or 80 per cent.)
AS OF NOV. 30, 2009:
31 per cent of corn acres were harvested: Average yield was 109 bushels an acre, well above the 10-year average of 90. 53 per cent of the acres were destroyed.
Six per cent of the acres were put to an alternate use. 10 per cent of the acres were unharvested.
290 farmers destroyed (or silaged) all their corn acres triggering an estimated crop insurance payout of $25 million.
270 farmers harvested at least some corn acres triggering an estimated payout of $7 million.
Estimated total corn insurance payout:
$32 million. Estimated total crop insurance payout in 2009, including corn:
150 million. Total crop insurance premiums collected in 2009: $181 million.
HISTORIC CORN INSURANCE:
MASC has insured grain corn since 1970
Total premium collected: $76 million Total payout: $92 million Net balance:
($16 million) deficit Years where payouts were greater than premiums: 10
HISTORIC CROP INSURANCE, INCLUDING CORN:
MASC has insured crops since 1960
Total premium collected: $2.2 billion Total payouts: $1.8 billion Net balance:
$386 million (surplus) Years where payouts were greater than premium: 12
Source: Manitoba Agricultural Services Corporation [email protected]