Crop insurance premiums increasing says AFSC

Feb 1, 2024 | 2:14 PM

The Agriculture Financial Services Corporation says crop insurance premiums will be going up this year.

It is blaming losses in 2021 and 2022 for the increase.

AFSC CEO Darryl Kay says in a post on the company’s website that 2021 had what he calls “historic claim payments.”

“We’re not trying to recover recent losses in a short period of time; rather, our premium framework takes a longer-term, 25-year approach. This longer view means greater premium predictability and stability for our clients,” adds Kay.

The post also says that most crops, pulses and durum the exceptions, will not see premium increases related to higher prices as commodity prices seem to have levelled off.

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AFSC says that could change, depending on what happens in the markets, something it adds is difficult to predict.

The post did not say how big the increases would be.

The company adds that there are options for managing the cost of premiums. That includes different coverage levels and pricing options.

AFSC adds that accidental fire has been added to the coverage that did not include this before.

by Curtis Galbraith

Crop insurance premiums increasing says AFSC

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