It was a near-record year for claims in Western Canada “despite a decrease in overall storm activity,” says the Canadian Crop Hail Association.
Claim payments to Prairie farmers topped $322 million, and were up 78 per cent compared to the five-year average. It was the highest payout since 2008 and meant insurers, which collected $309 million in premiums, had a loss ratio of 104 per cent.
Saskatchewan was the hardest hit with an industry loss ratio of 134 per cent (compared to 65 per cent in 2020). Alberta had a 97 per cent loss ratio (versus 75 per cent last year) but Manitoba only had a loss ratio of around 26 per cent.
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The association insured more than $8 billion in crops in 2021.
