Manitoba's AgriInsurance program is expected to pay out nearly $5 billion in coverage for the upcoming crop year on an estimated 9.55 million acres
The program delivered through MASC helps producers manage production shortfalls and quality losses.
Manitoba has over 90 per cent of annual crop acres and more than 7,650 farms enrolled in the program.
Agriculture Minister Ron Kostyshyn says managing costs and risks will be critical for success as margins are projected to tighten.
"The premium will be reduced with the upcoming year, so that will somewhat assist in the budgetary component as farmers do their operating loan or budgetary component moving forward."
For annual crops, producers can expect to pay an average premium of $16.21 per acre in 2024 compared to $19.21 per acre in 2023.
The province notes that continued volatility in global commodity markets has impacted AgriInsurance dollar values for the 2024 season.
Some crops such as dry beans, forage seeds, potatoes, vegetables, and forages will have higher dollar values. For the majority of crops, however, dollar values are lower than 2023.
AgriInsurance is a federal-provincial-producer cost-shared program under the Sustainable Canadian Agricultural Partnership (Sustainable CAP).