2022 was a busy year for the CCHA.
The Canadian Crop Hail Association says with increasing input costs, inflation and stronger crop prices farmers bought a record-setting $10 billion in insurance coverage.
Insurance payments to prairie producers topped $265 million with producer premiums totaling more than $375 million.
The CCHA reports Alberta was the hardest hit with an industry loss ratio of 98 percent, compared to 2021’s 97 percent.
Saskatchewan had a 68 percent loss ratio, compared to 133 percent in 2021.
While Manitoba reported a 43 percent loss ratio compared to 21 percent in 2021.
The final report of the season notes that farmers who waited to purchase hail coverage late in 2022 likely had a problem finding it due to the unanticipated 20-percent increase in demand.
CCHA president Scott McQueen is encouraging producers to plan for their 2023 insurance needs early.