AFSC raises premiums 60 percent for 2023

[Marusko]

2019 and 2021, they were bragging about reducing rates. Too much money in the coffers. Now they jack it 60%. Go figure.

UCP governance at its finest.

[makar]

Agriculture insurance premium
rates increasing 60% to raise the
crop insurance fund balance back
to level recommended by
actuarial evaluations
Other premiums, fees and licences revenue is forecast at $2,515 million in
2023-24, an increase of $91 million from 2022-23. Revenue grows another
$111 million to $2,626 million by 2025-26. The increase in 2023-24 is due
mainly to: $99 million for a 60% rise in agriculture insurance premium rates
necessary to replenish the crop insurance fund depleted by sizeable withdrawals
for indemnity payments in 2021-22 and 2022-23; $73 million for Alberta
Energy Regulator (AER) levies for orphan well funding and for AER’s own
operations; $14 million from higher demand and volumes at registries and land
titles; a $90 million reduction in timber royalties and fees, following several
years of strong revenue from high North American lumber prices. Over the
next two years, increases of $128 million in agriculture insurance premiums,
$24 million in ATB Financial payment-in-lieu of taxes and $13 million in AER
levies are partially offset by a drop of $53 million in timber royalties and fees.


I pulled this out of the Alberta budget document. I've got calving brain so not sure if its 99 million in additional premiums followed by 128 million in 24 and 25 for a total of 227 million or 128 million in 23 and 24 in total.

Where did you find this, need to see it for myself.

[makar]

2019 and 2021, they were bragging about reducing rates. Too much money in the coffers. Now they jack it 60%. Go figure.

UCP governance at its finest.

And when in history has high claims drove up insurance rates, not in my lifetime, oh maybe wait on that thought.

[mcfarms]

Where did you find this, need to see it for myself.

page 70 of the alberta 23-26 fiscal plan, just watch for the bullet points on the left hand side and the figures are in the main paragraph beside it
Just providing the information, too busy dragging calves in to the barn these days ( and nights)to get in to thoroughly, apart from I knew they were going up and will wait until I see my proposal numbers from AFSC . unlikely to have the payouts we have seen the last 10 years and increase in coverage values without some increase in rates. I went a lot of years without claims and am on a first name basis with the adjusters after the bad year of 21and the yearly hail somewhere on here lately and the other assorted unforeseen issues. ( cough Cough BASF)

[makar]

Dont see a thing on the PDF I found.

[mcfarms]

Dont see a thing on the PDF I found.

https://open.alberta.ca/publications/budget-2023

[makar]

https://open.alberta.ca/publications/budget-2023

See it now, but worded very vague, not for dumb farmers to decipher, I am pretty sure my premiums aren't going up 60% on my next policy, should know soon.

[TOM4CWB]

I had an opportunity to go through my proposal today and go through it with my AFSC representative.

He said the base crop insurance rates had increased about 10% on the base insurance.

The historical premium discount reductions /surcharges are locked at a maximum of 15% premium reduction /increase; so if your insurance premium discount was … say …20% last year, it would not reduce to below 5% premium discount off the base rate this year….
If your 2021 crop insurance payment was very large… Alberta has individual coverage with 10year experience historical averages for individual farm yield and pay out history.

Wheat and Canola have the biggest increases if you pick the same coverage level as last year, as Canola spring coverage is up $2/bu from last year. Wheat also up 10%.

Looks reasonable

Cheers