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As Minister of Agriculture and Forestry, I am proud to announce that Alberta farmers will receive a 20% reduction in crop insurance premiums this year.
This reduction from Alberta’s government and Agriculture Financial Services Corporation (AFSC) will save farmers more than $55 million on their crop insurance premiums in 2021 and increase the competitiveness of Alberta farmers internationally. It will directly support job creators and boost our rural economy at a time when it’s needed most.
A farm with 2,000 insured acres will save about $8,000 this year alone. This puts money back into the pockets of Alberta farmers right away. Agriculture continues to be an economic bright light and Alberta’s government is strengthening the sector even more.
This significant reduction in crop insurance premiums will help counter the looming 500% increase in federal carbon tax, a misguided Clean Fuel Standard, and an impending punitive fertilizer limit regulation all imposed by the federal government. Reducing insurance premiums by 20% will help our farmers – more federal taxes, increased costs and punitive regulations will not.
Crop insurance is one of the most successful business risk management programs for Alberta farmers with roughly 72% enrolling in the program every year.
This $55 million dollar injection into agriculture is part of Alberta’s Recovery Plan which is a bold, ambitious long-term strategy to build, diversify, and create tens of thousands of jobs now. By building schools, roads and other core infrastructure we are benefiting our communities. By diversifying our economy and attracting investment with Canada’s most competitive tax environment, we are putting Alberta on a path for a generation of growth.
Devin Dreeshen served as Minister of Agriculture and Forestry from April 30, 2019 to November 5, 2021.