The Canadian crop hail industry provided 10-billion dollars in coverage for 2022, which is a record-setting amount, according to the Canadian Crop Hail Association (CCHA).
The association also notes that producers bought more insurance in 2022 in the face of heightened input costs, inflation, and stronger crop prices. Any producers who delayed getting insurance likely had issues finding it as there was an unanticipated 20% increase in demand.
Insurance payments to producers in the prairie provinces will be more than 265-million dollars while premiums producers paid totaled over 375-million dollars. This makes for an industry loss ratio of 71%.
Manitoba reported a loss ratio of 43%, compared with Saskatchewan at 68%, and Alberta at 98%.
The CCHA has been serving the crop insurance industry since 1915 and represents the interests of Canadian crop hail managing agencies and insurance companies.
