Introducing Individual Premium
At SCIC, we strive to have relevant programs for Saskatchewan producers. For Crop Insurance, producers want to see themselves in the Program – including their own yields and risk. For over 30 years, SCIC’s Individual Coverage ensures each producer’s Crop Insurance coverage is based on personal growing experience rather than an area average. SCIC is taking the next step and individualizing premiums too.
Starting in 2023, an Individual Premium will be calculated for each insured crop. Individual Premium is based on your personal claim history compared to your area risk zone.
SCIC Acting President and CEO Jeff Morrow introduces Individual Premium
SCIC calculates a base premium annually for each crop, in each risk zone. Base premium includes the 40 per cent share paid by producers and the 60 per cent paid by the provincial and federal governments. With Individual Premium, a premium adjustment (increase or decrease from base premium) is calculated individually for each crop a customer insures.
Individual Premium allows Crop Insurance to be more responsive to your farming experience. Claims on one crop do not impact premiums for other crops. A producer who experiences higher than average losses on a specific crop, compared to others in the area risk zone, would only realize an impact on that premium. Crops with lower-than-average losses will typically have lower premiums.
It's important to note Individual Premium is crop specific, so the claim history on one crop does not affect the premium costs for any other insured crops. Crop Insurance customers are familiar with adjustments increasing or decreasing their premiums; however, applying premium adjustments individually to each crop, rather than one adjustment to the whole farm, is a new method. For each insured crop, customers will see an Individual Premium rate unique to their farm.
To learn more, please contact your local SCIC office, call 1-888-935-0000 or visit scic.ca/individual-premium.