Alberta pork producers can now purchase protection against an unpredicted decline in hog prices over a defined time period. The Hog Price Insurance Program is now available from Alberta’s Agriculture Financial Services Corporation and is part of a larger array of livestock price insurance programs.
“The Hog Price Insurance Program is another example of government’s support for producers who have been impacted by volatile market prices. We have seen good success with the Cattle Price Insurance Programs and wanted to bring those benefits to hog producers as well,” said Jack Hayden, Minister of Agriculture and Rural Development. “This program reflects the needs of our hog producers and provides them with a simple and bankable way to manage risk.”
Creating a customized program to reflect the unique requirements of the hog market was done in close consultation with industry, including Alberta Pork and the Western Hog Exchange. Also instrumental in the development of HPIP was the Alberta Livestock and Meat Agency.
“We have worked closely with the hog industry on developing this program. As such, HPIP is flexible and reflective of the market and will deliver on what producers in Alberta require,” explains Hayden. “In purchasing an HPIP policy, the producer has a known ‘floor’ price for those hogs without limiting the ability to sell them at a higher price, which is important in creating a sustainable industry.”
HPIP is voluntary and available to purchase year round, with insurance settlement reflecting the monthly average Alberta hog price. HPIP is now available to purchase. For more information or to enroll call AFSC at 1-877-899-AFSC (2372) or visit www.AFSC.ca
Source: Alberta Government