Saskatchewan sets out $198.3 million for crop insurance in latest budget

The Saskatchewan government has set out $198.3 million for crop insurance in its 2013-14 budget, which it says is the largest amount set aside in the program’s history.

Coverage levels under the new budget will be $194 per acre on average, the government said in a release, noting the figure is double the average in 2007. It also includes funding for the province’s share of private reinsurance.

The budget also sets out $27.7 million for agricultural research, including $3 million for the Global Institute for Food Security.

The province’s Ministry of Agriculture will also provide $71.2 million for “strategic initiatives” through the federal-provincial Growing Forward 2 program, an increase of $25 million over the previous framework, it noted.

“In addition to research, funding will be targeted to areas such as rural water infrastructure, trade and market development and farm business management,” the government said. Further details for that program will be announced in April.

“Investments in areas such as research and market development will help us reach our goals of increasing crop production by 10 million tonnes and agriculture exports by 50%, as well as establishing Saskatchewan as a global leader in bio-sciences,” Agriculture Minister Lyle Stewart commented in the statement on the budget.

Overall, the budget for the province’s Ministry of Agriculture includes:

• $198.3 million, an increase of $21.2 million, to fund Crop Insurance including new funding for the province’s share of private reinsurance;
• $28.7 million, a decrease of $52.5 million, to fund AgriStability under the new Growing Forward 2 agreement;
• $32.4 million, a decrease of $10.2 million, to fund AgriInvest under the new Growing Forward 2 agreement; and,
• More than $70 million in funding for non-Business Risk Management programs under the new Growing Forward 2 agreement (including $10.3 million of new provincial funding)