The price insurance program has adopted a shorter handle as part of an effort to “expand awareness and enrolment.”
Formerly called the Western Livestock Price Insurance Program, it is now just called Livestock Price Insurance and has a revamped website. Despite the name change, the program is only for producers in Western Canada.
Last year, 360,000 calves, 209,000 feeder cattle, and 232,000 fed cattle (along with 9,300 hogs) were insured and producers received about $122 million in payouts. But the program was criticized by the Canadian Cattlemen’s Association at the start of the pandemic as premiums soared.
The “sky-high premiums” made the program unaffordable, especially for young producers who most need it, said the CCA, which is lobbying for a national program cost shared by government.