'A long time coming' – Beef producers hail new insurance pilot program

‘A long time coming’ – Beef producers hail new insurance pilot program | Insurance Business Canada

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‘A long time coming’ – Beef producers hail new insurance pilot program

The program was rolled out after years of lobbying

Insurance News

By
Terry Gangcuangco

New Brunswick Cattle Producers chair Trevor Welch has called the new Maritime livestock price insurance pilot program in the province “a long time coming.”

Rolled out in June, the program allows beef producers in New Brunswick and Prince Edward Island to obtain cattle price protection through an insurance policy, guarding them against unexpected market declines.

Federal Agriculture and Agri-Food Minister Lawrence MacAulay previously declared: “Our livestock producers are an integral part of our agriculture sector in the Maritimes, and, like other commodities, they can face ever-changing market prices.

Under the initiative, the provincial and federal governments share the cost of administering the program while those purchasing coverage pay for the full premiums.

When the program was announced, Maritime Beef Council chair Dean Manning noted that it was “years in the making,” citing the effort that involved “many dedicated individuals” both from industry and government.

A new CBC piece featuring Welch highlighted that he pushed for reforms for eight years. The farmer, who pointed out that beef prices can fluctuate daily, said: “It’s certainly been a long time coming.”

“For me as a cow-calf producer, it’s going to provide a little bit of stability for me knowing that I can purchase an insurance policy that will tell me – whether it’s 12 weeks or 36 weeks away – I’ll know what the price I’m going to get for my calves.”

CBC reported that the Maritime provinces were the last part of Canada to get a beef cattle market insurance program.

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