New for this year, Saskatchewan Crop Insurance customers will see an Individual Premium calculated for each crop they insure.
Agriculture Minister David Marit says the individual premium is unique to each farm and is calculated independently for each crop.
"This means a producer's claim on one crop does not impact their premium for a different crop. Producers will see these individual premiums be more reflective of what they are experiencing on their own farm."
SCIC's Acting President and CEO Jeff Morrow says producers will see a 7.2 per cent increase in insured prices on average in 2023 as compared to 2022.
"Hard red spring wheat, for example, the insured price for 2023 is $10.21 per bushel, last year it was $8.71. For canola $18.83 per bushel, last year $17.01. And I'll look at a pulse crop, large green lentils 40 cents a pound for 2023 versus 36 cents for last year."
Morrow says overall the average coverage for 2023 is at a record-high level of $446 per acre, while the average total premium is $14.79 per acre, an increase from $12.05 in 2022.
"The coverage increase is driven almost exclusively by those commodity price increases, that 7.2% on average. So that has an impact on the premium cost as well, because as coverage goes up, so does the premium cost per acre."
He notes they are bringing in 2021 loss experience which totalled $2.5 billion dollars.
2022 claims are still being finalized, but they expect payouts to be north of $1 billion with the vast majority of claims coming in from the west-central and southwest parts of the province.
Also effective for 2023, SCIC is increasing the maximum dollar coverage levels of the Unseeded Acreage feature.
While the minimum coverage remains the same at $50 per acre, additional Unseeded Acreage coverage levels are increasing to $75, $100 and $125 per acre.
Unseeded Acreage coverage, included with all multi-peril Crop Insurance coverage, helps offset costs associated with summer fallow acres too wet to seed due to excessive spring moisture.
Also important to note for the 2023 program year, the AgriStability compensation rate will increase from 70 per cent to 80 per cent.
SCIC offers a full suite of business risk management programs, including AgriStability, Crop Insurance and Livestock Price Insurance and the Wildlife Damage Compensation and Prevention Program, to help mitigate risk for Saskatchewan producers.
Producers will need to select insured crops and coverage levels by March 31st, which is also the deadline to apply, reinstate, cancel or make changes to Crop Insurance contracts.
If no changes are made, a producer's coverage will remain the same as last year.
To make changes or discuss the different features and coverage levels, producers can contact their local SCIC office or call 1-888-935-0000.
More information on the 2023 Crop Insurance Program can be found here.