May 25th, 2024

Crop insurance rates being cut


By Greg Bobinec on January 27, 2021.

Herald file photo by Ian Martens A combine picks up a crop of wheat during an earlier harvest season in a field on the southeast edge of the city. The province has announced a reduction to crop insurance premiums for farmers this year.

LETHBRIDGE HERALDgbobinec@lethbridgeherald.com

The Government of Alberta and the Agriculture Financial Services Corporation (AFSC) announced Monday that farmers in Alberta will receive a 20 per cent reduction to crop insurance premiums this year.
Devin Dreeshen, Minister of Agriculture and Forestry says the move by the Government of Alberta will help put money back into Alberta farmers, as well as the reduction in premiums helping counterbalance the increase in the federal carbon tax.
“This 20 per cent reduction in crop insurance premiums will help Alberta farmers counter the looming 500 per cent increase in the federal carbon tax, in miss-guided clean fuel standard, and imputative fertilizer limit regulation all imposed by the federal government,” says Dreeshen. “Overall, this 20 per cent reduction will mean that $55 million will be back in the hands of Alberta farmers and our rural economy at a time when it is needed the most.”
Dreeshen added that farmers’ insurance premiums will not only support more job creation, but also increase the competitiveness of Alberta farmers internationally.
“Crop insurance is one of the most successful business risk management programs for Alberta farmers, with roughly 72 per cent enrolling in the program every year,” says Dreeshen. “A farm with 2,000 insured acres will save about $8,000 this year along. This puts money back into the pockets of Alberta farmers right away. Agriculture continues to be an economic bright light and Alberta’s government is strengthening the sector even more.”
This reduction from Alberta’s government and Agriculture Financial Services Corporation is part of Alberta’s Recovery Plan, which is an ambitious long-term strategy to build, diversify, and create jobs now.

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