Agriculture and Agri-Food Canada



Agriculture and Agri-Food Canada

April 09, 2014 11:24 ET

Applications for Western Livestock Price Insurance Now Available

New insurance tool will protect livestock producers against price declines

OTTAWA, ONTARIO--(Marketwired - April 9, 2014) - Agriculture and Agri-Food Canada

Applications are now being accepted for a new livestock price insurance product designed to help cattle and hog producers manage unexpected price declines.

The Western Livestock Price Insurance Program (WLPIP), announced by federal and Western provincial ministers on January 24, 2014, enables livestock producers to purchase price protection on cattle and hogs in the form of an insurance policy. This new insurance product offers protection against an unexpected drop in prices over a defined period of time, and is available to producers in British Columbia, Alberta, Saskatchewan and Manitoba.

Administration costs are covered by the federal and provincial governments through Growing Forward 2 while premiums are fully funded by producers.

Quick Facts

  • Western Cattle Price Insurance will help reduce producers' exposure to price and basis risk. Producers have the option of insuring their calves, feeders, or fed cattle as well as selecting only basis protection for fed cattle.
  • Western Hog Price Insurance is designed to offer coverage based on current Western Canadian market conditions.
  • Alberta's Agriculture Financial Services Corporation (AFSC) will be the central administrative body for the Program to maximize administrative efficiencies.
  • Producers can contact their provincial AgriInsurance agency for information on how to enroll.

Quotes

"This spring, Western cattle and hog producers are encouraged to make livestock price insurance an integral part of their business plans. Our government will continue to work with the provinces and industry to develop new and innovative risk management tools for Canada's world-class agriculture industry."

Gerry Ritz, Federal Agriculture Minister

"WLPIP is an important new risk management tool for Manitoba's livestock producers. Now that applications are being accepted, I encourage beef and hog producers to learn more about the program and how it can provide price protection on their farm."

Ron Kostyshyn, Minister of Manitoba Agriculture, Food and Rural Development

"I would encourage cattle and hog producers to look closely at this program and see whether it can be a part of their risk management strategy. Producers can visit their local Saskatchewan Crop Insurance office to learn more and get started "

Lyle Stewart, Saskatchewan Agriculture Minister

"Alberta's Agriculture Financial Services Corporation, along with Alberta producers, spearheaded this program. Expanding livestock price insurance across Western Canada will benefit the livestock industry, and help producers manage price risk with flexibility and ease."

Minister Verlyn Olson, Alberta Agriculture and Rural Development

"Livestock production insurance is one more way the B.C. government has worked with our federal and provincial partners to help ranching families and the livestock sector in our province succeed. This insurance means cattle and hog producers can be prepared for price fluctuations and is something all ranchers should give serious thought to including in their business plans."

Pat Pimm, B.C. Agriculture Minister

Associated Links and Contacts

Program website - Western Livestock Price Insurance Program

Growing Forward 2 - AgriRisk Initiatives

British Columbia: BC WLPIP Office Locations Toll free: 1-844-782-5747

Alberta: AFSC Office Locations Toll free: 1-877-899-2372

Saskatchewan: SCIC Office Locations Toll free: 1-888-935-0000

Manitoba: MASC Office Locations Toll free: 1-844-782-5747

Contact Information

  • Media Relations
    Agriculture and Agri-Food Canada
    Ottawa, Ontario
    613-773-7972
    1-866-345-7972
    Follow us on Twitter: @AAFC_Canada

    Jeff English
    Director of Communications
    Office of the Honourable Gerry Ritz
    613-773-1059

    Rae Groeneveld
    Saskatchewan Crop Insurance Corporation
    Melville, Saskatchewan
    306-728-7595

    Cathy Housdorff
    Agriculture Financial Services Corporation
    Lacombe, Alberta
    780-293-7590

    Robert Boelens
    Government Communications and Public Engagement
    B.C. Ministry of Agriculture
    250-356-1674

    Craig Thomson
    Manitoba Agricultural Services Corporation
    Portage la Prairie, Manitoba
    204-239-3068