January 3, 2023
More than 5 million acres of crops planted in Ontario were covered by Production Insurance in 2022. The number of acres covered has not changed much in the past few years, but the value of those planted acres has increased considerably.
What makes these insured acres so valuable today?
Yields per acre have been increasing for a few years now and are well above the 10-year average for most crops. For more information about crop performance over the past decade, visit
Field Crop News. And the following corn and soybean maps show average yields for insured acres in 2022.
For overall provincial crop statistics, please see the
Ontario Ministry of Agriculture, Food and Rural Affairs statistics site.
In addition to higher yields, commodity prices are the highest they have been in the past 10 years. This combination of high yields and high commodity prices has resulted in a record high value for 2022 Production Insurance coverage – an estimated $5.7 billion. This has been increasing rapidly; just 2 years ago, it was less than $4 billion, while the number of acres planted was about the same.
Since each insured acre is worth more than ever, farmers are getting more insurance for their money. For farmers who did experience yield reduction or production loss, high commodity prices also mean higher claim prices because Production Insurance is designed to reflect the market.
Increased:
- Average yield per acre
- Overall commody prices
- Value of each acre
- Value of insurance
Thinking about 2023 Spring Policy?
An above-average yield raises a farmer's average farm yield, which means they have higher coverage when they need it.
Farmers have some time to think about their Production Insurance coverage for the 2023 Spring Policy. They have until May 10 to apply, make changes to their coverage, or add or remove crops. More information about 2023 Spring Policy coverage will be available on agricorp.com in the spring.
2023 Winter wheat crop update
Farmers have already planted and insured their winter wheat for 2023. The following map shows insured winter wheat acres across Ontario.
For overall provincial crop statistics, please the
Ontario Ministry of Agriculture, Food and Rural Affairs statistics site.
