Alberta farmers will receive a 20% reduction in crop insurance premiums this year.
In an article on the Alberta government’s website, Minister of Agriculture and Forestry, Devin Dreeshan, writes that the reduction from the government and the Agriculture Financial Services Corporation (AFSC) will save farmers more than $55 million on their crop insurance premiums in 2021.
The reduction will also increase the competitiveness of Alberta farmers internationally, and directly support job creators and boost the rural economy.
Dreeshan says a farm with 2,000 insured acres will save about $8,000 this year alone.
The Minister says about 72% of farmers in Alberta enroll in the province’s crop insurance program every year, making crop insurance one of the most successful business risk management programs in the province.
Dreeshan says the 20% reduction will also help offset costs associated with the federal government’s carbon tax increase, Clean Fuel Standard, and impending fertilizer limit regulation.
The Minister closes his letter by saying the $55 million injection into agriculture is part of Alberta’s Recovery Plan, which is a long-term strategy aimed at building, diversifying, and creating tens of thousands of jobs.
