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New insurance plan introduced for livestock producers
A new livestock price insurance program will be available this spring to help cattle and hog producers in the western provinces manage price risks faced by the industry.
The four-year Western Livestock Price Insurance Program (WLPIP) pilot is a collaborative arrangement between the federal government and the western provinces to enhance risk management options available to the livestock industry.
The pilot will help livestock producers protect themselves against unexpected price declines by allowing them to purchase insurance on an insured price selected by the producer from the available coverage levels. Premiums are fully funded by producers.
“B.C. livestock producers have expressed great interest in having more tools that help them manage their price risks and the B.C. government is proud to have worked with our partners to deliver a western Canadian program,” said Donna Barnett, Cariboo-Chilcotin MLA, on behalf of Agriculture Minister Pat Pimm.
“Providing predictable and cost effective insurance products will help our cattle and hog producers manage their businesses and focus on longer term operations.”
Alberta introduced price insurance in 2009 for its cattle and hog producers sectors. This initiative expands the Alberta program to a regional model, opening it up first to livestock producers in B.C. and Saskatchewan.
Livestock producers across B.C. can expect to receive WLPIP information in March from their provincial agriculture offices.