Agriculture Minister David Marit announced today that based on their estimates the Federal Provincial suite of Business Risk Management Programs is forecasted to pay out nearly $2 billion in support this year.
Saskatchewan Crop Insurance Corporation administers the programming for the Province.
SCIC President and CEO Jeff Morrow says the largest driver of that $2 billion is in the crop insurance program.
He says they're forecasting up to $1.85 billion will be paid out through the Crop Insurance program.
That's just a preliminary number as farmers still have until November 15th to register a claim with SCIC.
In 2022 Crop Insurance paid out $1.44 billion, while with the drought in 2021$2.5 billion was paid out.
Morrow adds that SCIC administers a number of BRM programs from AgriStability to AgriInvest and the Wildlife Compensation Program.
"So a number of programs. Then in addition to those more traditional business risk management programs, of course, this year with the livestock feed shortage, an agri recovery program was announced and rolled out. SCIC is administering that program and is now accepting applications for the Canada Saskatchewan Feed Program, and almost $150 million in Federal/Provincial funding is dedicated to that."
He notes another key program for producers has been the Forage Rainfall Insurance Program this year.
"What we saw under the Forage Rainfall Program, which is of course a program for our livestock producers. It paid out the most we ever have under that program. You know, the total coverage that was offered was paid out in claims, just over $60 million. So I think, you know, it responded in the areas where we saw the most challenge with the lack of rainfall."
To hear Glenda-Lee's conversation with SCIC's Jeff Morrow click on the link below.