Alberta farm fields (Photo 77102710 © Vadim Nikolaevitch Gouida | Dreamstime.com)

By rdnewsNOW Staff

Moisture deficiency, Satellite yield, and more

Changes to AFSC insurance products for 2023

Jan 19, 2023 | 1:54 PM

The Agriculture Financial Services Corporation (AFSC) has announced that producers can expect several changes to their insurance products for 2023.

The changes include a move to monthly payments for Moisture Deficiency Insurance, an increase in the reseeding benefit compensation rate, the addition of bear predation (hive and bees) to the Wildlife Damage Compensation Program, increased coverage for Straight Hail Insurance and the cancellation of Satellite Yield Insurance.

“We are making these changes to ensure we continue to meet the needs of Alberta’s hardworking farmers and ranchers,” said Darryl Kay, AFSC’s Chief Executive Officer. “This year’s enhancements ensure our programs reflect and respond to the risks faced by producers and give them the tools to respond to those risks.”

AFSC officials believe the shift to monthly Moisture Deficiency Insurance payments will put money into producers’ hands when they need it, allowing them to be proactive during dry periods and buy feed or take other immediate steps. Similarly, they say the addition of a bear predation for hives and bees pilot project to the Wildlife Damage Compensation Program will allow beekeepers to recover more quickly after bear damage to their hives. Lastly, they state the updates to the Reseeding Benefit compensation rate will make it more reflective of current reseeding costs.

“Agriculture in Alberta is a multi-billion-dollar industry and one of the driving forces of our economy,” said Nate Horner, Minister of Agriculture and Irrigation. “Producers need affordable and effective risk management options to give them peace of mind and support them as our agriculture sector grows and diversifies. These adjustments give producers more flexibility to react and respond to emerging challenges and opportunities.”

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The other major change this year is the cancellation of Satellite Yield Insurance.

“Technical issues with the acquisition of satellite data for 2023 and beyond make the continuation of this program impossible,” said Kay. “Satellite Yield Insurance was only available in certain locations in the province, and we will be contacting the affected clients to discuss the cancellation of the program and review their insurance options.”

AFSC officials say producers who have taken Satellite Yield Insurance in the past will be able to transition to Moisture Deficiency Insurance seamlessly as the coverage levels are comparable. 

The corporation says they offer a broad range of insurance products covering a variety of crops including grains, cattle and fresh vegetables. They claim last summer’s intense hailstorms affirmed the need to ensure hail coverage meets the needs of all producers, including market garden producers. As a result, AFSC will be increasing Straight Hail Insurance maximum coverage limits.

They also say they are continuing to work with market garden operators to ensure the growing sector has access to risk management programs. The corporation says they will be holding two input advisory group meetings in January to gather information from Alberta’s market garden operators about the risks they face and how risk management programs can be improved to better meet these risks.

For over 80 years, AFSC has provided Alberta farmers and agribusinesses with loans, crop insurance and farm income disaster assistance. In 2022, there were 29.41 million acres insured under the programs.