Crop insurance premiums not as high as previously announced

The Agriculture Financial Services Corporation is clearing up some confusion over increased crop insurance premium increases.

High commodity prices and increased payouts from drought were cited as the reasons for premium increases reported to be 60 per cent.

However, AFSC says the 60 per cent increase referenced in Alberta’s Fiscal Plan, and widely reported, relates to the 2022 budgeted premium compared to the 2023 budgeted premium, and not actual premiums.

According to AFSC, changes for hard red spring wheat are going up 17 per cent, feed barley nine per cent, canola 12 per cent and yellow field peas two per cent.

About 70 per cent of producers register for crop insurance.