Crop insurance premiums in Alberta are set to drop 20 per cent this year, Devin Dreeshen, minister of agriculture and forestry says in a post on the Alberta government website on Jan. 25.
Dreeshen says the reduction will save farmers more than $55 million on their crop insurance premiums and help increase their competitiveness internationally. A farm with 2,000 insured acres will save around $8,000 this year.
Team Alberta, a collaboration between Alberta Barley, Alberta Canola, Alberta Pulse Growers, and the Alberta Wheat Commission, welcomes the announcement.
“Reducing the cost of the most widely used business risk management program is a practical solution that will help Alberta farmers continue to manage their production risks from adverse weather events that are beyond their control,” the group says in a news release.