Alberta hikes crop insurance premiums 60%: ‘It’s not good news for farmers’ | Globalnews.ca

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Alberta hikes crop insurance premiums 60%: ‘It’s not good news for farmers’ | Globalnews.ca
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“They haven’t been consulted nor have they been notified,' said an NDP agriculture critic.

The budget reads that agriculture insurance premium rates are increasing 60 per cent “to raise the crop insurance fund balance back to level recommended by actuarial evaluations.”

Depending on the type of crop, expected yield and quality of the crop, farmers were paying between an estimated $10 and $50 per acre in premiums. The added cost from higher insurance rates becomes even more difficult for farmers as they’re already dealing with fuel, fertilizer and transportation costs, which continue to climb.

“Budget 2023 includes an additional $61.4 million to make sure Agriculture Financial Services Corporation insurance programs have appropriate funding to support producers during challenging times.”‘We need inches of rain to recover’: Alberta ranchers and farmers desperate for a downpour

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