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Addressing Risk in Agriculture

Introduction Agricultural producers, similar to other businesses, face significant risk. The United States Department of Agriculture’s (USDA) Economic Research Service identifies five different types of farming risk: human and personal risk (such as human health), institutional risk (regarding governmental action), financial risk (such as access to capital), price or market risk, and production risk (such as weather and pests). Of these, policymakers usually focus on the last two types.

New to 2021: Crop insurance program enhancements unveiled

Article content Record-setting crop insurance program enhancements are expected this year, according to the provincial and federal governments. Through a partnership between the two levels of government, coverage will reach a record level of $273 per acre due to higher commodity prices and increased yield coverage, up from $224 in 2020 a 22 per cent increase in coverage, the province announced on Tuesday. We apologize, but this video has failed to load. Try refreshing your browser, or New to 2021: Crop insurance program enhancements unveiled Back to video The changes “will continue to build on previous program announcements,” Saskatchewan deputy premier and finance minister Donna Harpauer said during a virtual media conference.

Crop Insurance coverage, rates going up, but premium cost declining

“Farmers across Saskatchewan continue to step up despite all the challenges thrown their way during the COVID-19 pandemic,” Bibeau said in a release. “These improvements to the Crop Insurance Program give Saskatchewan farmers more coverage they can count on. We will continue working with our provincial counterparts to ensure farmers have the risk management tools to help their stability and growth.” Asked if the COVID-19 pandemic had an impact on crop insurance, Harpauer said, “None.” “For over 60 years, the Crop Insurance Program has supported Saskatchewan producers with reliable coverage and exceptional customer service,” Harpauer said. “We are committed to providing producers with the insurance programs they need and the enhancements announced today build upon the current suite of programs.”

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