Agriculture Minister Derek Johnson says the costs and risks relating to farming continue to climb.
As a result total AgriInsurance coverage for this year is expected to reach $5.3 billion, up from the $4.7 billion projected last spring.
That puts the average coverage at an estimated $560 per acre, up from $499 per acre for 2022.
The increase in coverage reflects the projected strength in commodity prices for 2023.
Johnson says the province is increasing its AgriInsurance support because having adequate coverage is now, more than ever, important in helping manage risk.
Additional program enhancements for the 2023 growing season include:
Expanding the Contract Price Option (CPO) to be available for the majority of crops (including the corresponding pedigreed and organic crop if applicable), excluding potatoes, vegetables, and forages.
CPO was previously only available for canola and field peas.
Amending premium rate calculations so that AgriInsurance premium rates will not exceed a 10 per cent increase year-over-year.
Uptake of the AgriInsurance program in Manitoba is strong with over 92 per cent of annual crop acres and more than 7,600 farms enrolled in the program.
The program is administered by Manitoba Agricultural Services Corporation (MASC).