Nova Scotia’s beef producers now have access to financial protection through the newly introduced Maritime Livestock Price Insurance Pilot Program. This innovative risk management initiative allows farmers to purchase insurance policies designed to safeguard against unexpected market downturns, providing much-needed stability to the province’s beef industry.
“Our government, in collaboration with our Maritime partners, is committed to reducing financial risks and fostering a stronger agricultural sector,” said Greg Morrow, Nova Scotia’s Minister of Agriculture. “The Maritime Livestock Price Insurance Pilot Program is a significant step toward ensuring the continued growth and stability of our beef industry.”
A Strategic Investment for Beef Farmers
The pilot program, set to run until March 2026, complements existing business risk management initiatives supported by both the Nova Scotia Department of Agriculture and Agriculture and Agri-Food Canada. The cost of administering the program is shared among the participating provinces and the federal government, while individual producers cover the cost of their insurance premiums.
Nova Scotia’s beef sector remains a vital component of the province’s agricultural landscape, generating over $42 million in farm cash receipts in 2023. With more than 630 registered beef producers in the province, the new insurance option offers an additional layer of financial security against market volatility.
Industry Leaders Endorse the Program
Federal and industry representatives have expressed strong support for the program, emphasizing its role in strengthening financial resilience within the beef industry.
“Livestock producers play a crucial role in our agriculture sector, and like other commodities, they face fluctuating market prices. This pilot program will provide essential protection against unforeseen price drops, enabling producers to manage risks effectively and grow their businesses,” said Lawrence MacAulay, federal Minister of Agriculture and Agri-Food.
Dean Manning, Chair of the Maritime Beef Council, highlighted the program’s value: “Beef producers make significant investments in their operations, and having an option to insure against market disruptions is a major advantage. Expanding risk management tools is key to ensuring stability in the industry.”
John Vissers, Chair of the Nova Scotia Crop and Livestock Insurance Commission, added, “Providing financial protection to Nova Scotia’s beef producers is exactly the kind of support the industry needs. This program will help farmers navigate the challenges of a fluctuating market.”
Alicia King, President of the Nova Scotia Federation of Agriculture, also praised the initiative: “This program is an important addition to the suite of risk management tools available to our cattle producers. By offering protection against market volatility, it helps ensure the long-term sustainability of beef farming in Nova Scotia.”
Key Facts About the Program
- Nova Scotia joins New Brunswick and Prince Edward Island in the Maritime Livestock Price Insurance Pilot Program, which was announced in June 2024.
- A similar livestock price insurance program is already in place for producers in Alberta, British Columbia, Saskatchewan, and Manitoba.
- The Nova Scotia Crop and Livestock Insurance Commission will oversee the pilot program’s implementation.
- Outreach and delivery will be facilitated through a partnership with the Agri-Commodity Management Association.
With the introduction of this insurance program, Nova Scotia’s beef producers can better navigate market uncertainties, ensuring continued growth and stability within the province’s agricultural sector.
