New insurance program to help grow Maritime beef sector
Through a collaborative investment between the federal and provincial governments, a new risk management tool for beef producers will facilitate growth of the sector across the Maritime region.
The new Maritime Livestock Price Insurance Pilot Program will allow producers in PEI and New Brunswick to purchase price protection on beef cattle in the form of an insurance policy, in the event of unexpected market declines.
Through the new initiative, purchasers pay 100 per cent of the premiums while both federal and provincial governments are making investments to administer the pilot program for producers. On PEI, the Maritime Livestock Price Insurance Pilot Program will be administered by the Prince Edward Island Agricultural Insurance Corporation (PEI AIC).
The Maritime Livestock Price Insurance Pilot Program is a two-year regional initiative meant to complement existing business risk management programs, available to the livestock industry. It will be evaluated and could be extended if it is deemed successful.
Quotes:
“Our livestock producers are an integral part of our agriculture sector in the Maritimes, and like other commodities, they can face ever-changing market prices. This pilot program will provide protection from sudden unexpected price drops so producers can better manage risks, grow their business, and continue to supply top-quality products to Canadians and folks around the world.”
- The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, Government of Canada
“The livestock industry on PEI is such an important part of our farming ecosystem. Supporting this sector will assist in its advancement, and ultimately growth for the greater agricultural community. I am very pleased to introduce this insurance as an additional resource for our farmers on PEI. I want to thank the Maritime Beef Council and partner Provinces for embracing an innovative approach that can help keep our industry sustainable for years to come.”
- The Honourable Bloyce Thompson, Deputy Premier and Minister of Agriculture, Province of PEI
“The Maritime Livestock Price Insurance Pilot Project is the result of an effort that has been years in the making and involved many dedicated individuals, both from government and industry. LPI provides an opportunity for producers to have security when it comes to marketing that has only been available in Western Canadian provinces. We are excited to see the launch of the program and the opportunities it will provide to Maritime cattle producers!”
- Dean Manning, Chair of Maritime Beef Council
Media contact:
Kip Ready
Senior Communications Officer
Department of Agriculture
kjready@gov.pe.ca
Francis Chechile
Press Secretary
Office of the Minister of Agriculture and Agri-Food
francis.chechile@agr.gc.ca
Media Relations
Agriculture and Agri-Food Canada