Price Protection Insurance to Support Beef Producers
Hereford cattle are seen in this file photo. (Province of Nova Scotia / File)
Nova Scotia’s beef producers can now get financial protection through the Maritime Livestock Price Insurance Pilot Program. The new business risk management tool will allow producers to purchase price protection on beef cattle in the form of an insurance policy to protect against unexpected market declines.
“Our government, alongside our Maritime partners, is taking action to reduce risk and make our region a better place for our beef farmers to do business,” said Greg Morrow, Minister of Agriculture. “The new Maritime Livestock Price Insurance Pilot Program is an important investment to support the growth of the beef sector in Nova Scotia and stabilize livelihoods for our farmers.”
The Maritime Livestock Price Insurance Pilot Program is a regional initiative scheduled to run until March 2026. It will complement existing business risk management programs available to the agriculture industry through the partnership between the Department of Agriculture and Agriculture and Agri-Food Canada.
The administration of the program is cost-shared by the participating provinces and the Government of Canada. Producers purchasing insurance coverage pay the insurance premiums.
Nova Scotia’s beef farmers brought in more than $42 million in farm cash receipts in 2023. Nova Scotia has more than 630 registered farmers who report income from beef.
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.”
— Lawrence MacAulay, federal Minister of Agriculture and Agri-Food
"We look forward to seeing the livestock price insurance program bringing financial protection to our Nova Scotia beef producers. This will provide beef producers an option to purchase insurance on price protection for their beef cattle, which will greatly help if there is an unforeseen market disruption. With the large investment producers have made in their beef operations today, a wider range of business risk management tools available to them can help when market disruptions take place."
— Dean Manning, Chair, Maritime Beef Council
“This is the kind of support beef producers need. We are always trying to find ways of helping farmers mitigate their risk in the marketplace. The new livestock price insurance program will do just that, by providing financial protection for Nova Scotia beef producers.”
— John Vissers, Chair, Nova Scotia Crop and Livestock Insurance Commission
"We are pleased to see livestock price insurance become available, as it is a key addition to the suite of business risk management programs that support cattle producers in the province. This initiative provides an important safety net, helping farmers manage market volatility and protect their operations for long-term sustainability."
— Alicia King, President, Nova Scotia Federation of Agriculture
Quick Facts:
- Nova Scotia joins New Brunswick, and Prince Edward Island in the Maritime Livestock Price Insurance Pilot Program, announced in June 2024
- there is a similar program for western Canada that helps producers in Alberta, British Columbia, Saskatchewan and Manitoba
- the Nova Scotia Crop and Livestock Insurance Commission will offer the insurance pilot program
- program outreach and delivery during the pilot will be provided through a partnership with the Agri-Commodity Management Association
Additional Resources:
Nova Scotia Crop and Livestock Insurance Commission: http://nsclic.ca
Livestock price insurance: http://lpi.ca
Agriculture and Agri-Food Canada’s business risk management programs: https://agriculture.canada.ca/en/programs/business-risk-management
Nova Scotia Beef Initiative: https://www.perennia.ca/the-nova-scotia-beef-initiative/