New insurance program to help grow New Brunswick beef sector
News release
June 12, 2024 – Fredericton, New Brunswick – Agriculture and Agri-Food Canada
A new risk management tool for beef producers aims to protect them financially and help their sector grow.
The new Maritime Livestock Price Insurance Pilot Program will allow producers in New Brunswick and Prince Edward Island to purchase price protection on beef cattle in the form of an insurance policy, in the event of unexpected market declines.
The purchaser of the policy pays 100% of the premiums while the federal and provincial governments share the cost of administering the pilot program.
The Maritime Livestock Price Insurance Pilot Program is a 2-year regional initiative meant to complement existing business risk management (BRM) programs available to the livestock industry. It will be evaluated and could be extended if it is deemed successful.
The $1.2 billion in farm cash receipts New Brunswick recorded in 2023 broke the previous record of $1.1 billion, set in 2022.
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 New Brunswick beef sector has significant potential, but farmers need support. The new Maritime Livestock Price Insurance Pilot Program will provide participants in the sector with a price protection tool. This is an important step that will facilitate farm growth in communities across New Brunswick and attract new farmers.”
- Margaret Johnson, Minister of Agriculture, Aquaculture and Fisheries
“The Maritime Livestock Price Insurance Pilot Program is the result of an effort that has been years in the making and involved many dedicated individuals, both from government and industry. Livestock price insurance 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 the Maritime Beef Council
Contacts
For media:
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
Ottawa, Ontario
613-773-7972
1-866-345-7972
aafc.mediarelations-relationsmedias.aac@agr.gc.ca
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Nick Brown
Department of Agriculture, Aquaculture and Fisheries
nick.brown@gnb.ca
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