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Coming Soon: Premium Adjustments By Crop

POSTED: Nov 1, 2022

At SCIC, we continually work to improve and enhance our business risk management programs to provide responsive, relevant options to Saskatchewan producers.

Our Research and Development team has many ongoing projects to analyze data and explore new opportunities for enhancing the Crop Insurance Program. One of these projects is focused on ensuring Crop Insurance customers are seeing their own farming experience reflected in their coverage – and premiums.

Insurance is about pooling risk. The amount of money each participant puts into the “pool” should depend on individual risk and the likelihood of having a claim. For Crop Insurance, all producers do not have the same risk; all crop varieties and all areas of the province do not have the same risk.

In recent years, the impact of individual risk became more evident as producers continued to face dry conditions, unfavourable market prices and unpredictable world events. Producers have different approaches to navigating these challenges. Now, more producers are utilizing technology and modern farming practices to help mitigate their risk, such as diversifying their operations or exploring new tech-enhanced equipment and operational tools.

As a Saskatchewan producer, all these factors impact your risk profile. At SCIC, we want to ensure the Crop Insurance Program, and your premiums, are responsive to your risk and individual farming experience. That is why we will soon be introducing a new method for adjusting premiums which accounts for individual crops, claim history and differences based on location.

Starting in 2023, Crop Insurance premium adjustments will be calculated at the crop level, rather than the whole-farm level.

A new calculation method will adjust premiums for each customer based on individual crops and claim history, compared to your area. The Crop Insurance Program, and premiums you pay, will be more responsive to your individual experience!