New insurance program to help grow New Brunswick beef sector

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.