New Brunswick maple syrup producers get new insurance program
New Brunswick maple syrup producers get new insurance program | Insurance Business Canada
Insurance News
New Brunswick maple syrup producers get new insurance program
Sweet news for an industry hampered by poor weather
Insurance News
By
Abigail Adriatico
New Brunswick has partnered with the federal government to provide more insurance coverage to maple syrup producers.
Eligible producers will have costs covered for unforeseen damages such as insects, disasters, and bad weather. The coverage was announced during this year’s maple syrup forum.
“The industry’s been asking for a program to help producers, and we’re very pleased this morning to deliver that,” said New Brunswick’s minister for agriculture, Margaret Johnson.
“Our members are very happy to get this insurance in operation for 2025,” said Éric Caron, vice president of the New Brunswick Maple Syrup Association (NBMSA).
A welcome program for a growing industry
2023 was a challenging time for the maple syrup industry. Poor weather conditions led to a 35% decline in maple products in New Brunswick.
A survey conducted among maple syrup producers in the province found that 90% said that they were in favour of the insurance while 80% expressed their interest in purchasing it.
A minimum of 1,000 taps is needed for producers to be able to access the insurance program.
“It’s a good safety net for us for those years that we have really poor production,” said Paul Reynolds, owner of Little Mactaquac Maples.
Similar insurance programs in Quebec and Nova Scotia have paved the way for a model for New Brunswick, which has seen considerable growth in its maple syrup industry.
A study from the Université de Moncton found that the number of taps in New Brunswick grew by 90% since 2010, while the production of syrup increased by more than 160%.
Johnson expects the industry’s continued growth.
“We’re working with the association to create a strategic plan in the future,” she said. “This one is set for the next five years, so we want to see what the vision for the industry is going forward.”
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