Hail insurance coverage reaches record level in 2022

 

The Canadian Crop Hail Association says the industry set a record 10 billion dollars in hail insurance coverage this past year.

President Scott McQueen of Saskatoon says farmers purchased record levels of insurance due to rising costs and strong crop prices.

He says the 10 billion dollar record is 20 percent higher than the previous year.

Insurance payments to farmers will total more than 265 million dollars.

He says the payout to Saskatchewan farmers was 143 million dollars, a 68 percent loss ratio, compared to 133 percent in 2021.

Payouts to Manitoba farmers was 31 million dollars and 94 million to Alberta producers.

He says hail premiums may be on the rise in 2023.

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