Camrose, Alberta -- An innovative new livestock price insurance program will be available this spring to help cattle and hog producers in Western provinces manage price risks faced by the industry. Federal Agriculture Minister Gerry Ritz, Saskatchewan Agriculture Minister Lyle Stewart, Alberta Agriculture Minister Verlyn Olson, and MLADonna Barnett (Cariboo-Chilcotin), on behalf of British Columbia Agriculture Minister Pat Pimm unveiled the new price insurance program today at the Canadian Bull Congress in Camrose.
The four-year Western Livestock Price Insurance Program (WLPIP) pilot is a unique collaborative arrangement between the federal government and the Western provinces to enhance risk management options available to the livestock industry. The pilot will help livestock producers protect themselves against unexpected price declines by allowing them to purchase insurance on an insured price selected by the producer from the available coverage levels. Premiums fully funded by producers.
Alberta introduced price insurance in 2009 for their cattle and hog producers sectors. This initiative expands the Alberta program to a regional model, opening it up first to livestock producers in British Columbia and Saskatchewan.
Livestock producers can expect to receive WLPIP information in March from their provincial agriculture offices.
- Alberta’s Agriculture Financial Services Corporation will be the central administrative body for the Program to maximize administrative efficiencies.
- In Saskatchewan, the Saskatchewan Crop Insurance Corporation will be the lead customer service delivery agent for the Program.
- Federal and provincial governments will cover administration and delivery costs for the pilot WLPIPthrough Growing Forward 2’s AgriRisk Initiatives - Administrative Capacity Building. The federal government will also provide deficit financing for the pilot.