The Canadian Crop Hail Association says extremely damaging storms made for near-record claims for Western Canadian farmers in 2021 even though there was a decrease in overall storm activity.
Insurance payments to Prairie producers will total more than $322 million which is a number that has not been seen since 2008. Producer premiums totalled more than $309 million for an industry loss ratio of 104 percent.
Manitoba was the only province to record a positive year with a loss ratio of only 26 percent. On the other hand, Saskatchewan was the hardest hit with an industry loss ratio of 134 percent compared to 65 percent in 2020. Alberta followed with a 97 percent loss ratio, compared to 75 percent in 2020.
The CCHA insured more than $8 billion in crops in 2021.
