Agriculture

Business Risk Management Programs

Growing Forward 2 continues to deliver a complete and effective range of business risk management (BRM) programs.

These programs help farmers manage income declines caused by production losses, low prices, and increased input costs. Each program provides protection for different types of losses in different ways. They respond to producer demands for risk management programs that are simple, responsive, predictable and bankable.

In Manitoba, the federal and provincial governments provide these programs under Growing Forward 2:

  • AgriInvest is a self-managed producer savings account that helps cover small margin declines. It provides coverage for small income declines and allows for investments that help mitigate risks or improve market income.
  • AgriStability provides support when a producer experiences large decline in the farm's operating margin. A payment is triggered when the margin (allowable revenue less allowable expenses) falls below 70% of the producer's historical reference margin.
  • AgriRecovery is a disaster relief framework that provides a co-ordinated process for federal, provincial and territorial governments to respond rapidly when disasters affecting several producers occur. It is designed to help producers with extraordinary costs incurred to resume operations after a disaster.
  • AgriInsurance provides insurance products for production losses caused by natural perils (weather, pests, or disease) for most crops grown in Manitoba, including cereals, oilseeds, special crops and forages.
  • Western Livestock Price Insurance program offers livestock producers protection against unexpected market price declines.

The collaboration of government and industry will look to expand and identify new opportunities for insurance products in Growing Forward 2.

Governments will also assist the industry in its efforts to research, develop and implement new agricultural risk management tools.