Canada is among the top 10 most food-secure countries in the world, but it is among the least prepared for a major disaster. While the country gets top marks for its political commitment to managing risks to the agriculture sector, an analysis released last week by Economist Impact with the assistance of Corteva Agriscience gave …
risk management
Province pledges emergency funding
BC has announced emergency funding to support farmers and ranchers impacted by wildfires, heat and drought this year. While the exact amount is undetermined and several details have yet to be worked out, the province has taken the immediate action of invoking the late participation provision of the AgriStability program. The original deadline was June …
Farmers struggle to get insurance coverage Insurance
SALMON ARM – A hard market cycle for the insurance industry is making it harder for some farmers to get insurance coverage. It took four months for Mara dairy farmers Quentin and Daniela Bruns to secure insurance for their 180-acre certified organic operation with about 65 cows. Their struggle to find an insurance company willing …
Insolvency concerns grow
While bankruptcies and insolvencies in the agriculture sector are down nationwide this year, BC has seen the number of businesses facing financial trouble grow. The first five months of 2020 saw 58 businesses in the province declare bankruptcy or make proposals to creditors, according to the Office of the Superintendent of Bankruptcy, up from 45 …
Hurry up and wait
Ottawa isn’t in a rush to disclose details on various programs designed to support the agriculture sector as it responds to the COVID-19 pandemic. The federal finance department’s latest bi-weekly report on emergency response measures indicates that $453 million in direct support to the farm sector will be available “shortly.” This includes $77.5 million for …
Don’t stress, plan
Business thrives when conditions and stable and predictable, but uncertainties can create stress that lead to poor attitudes, a decreased capacity for decision-making and bad lifestyle choices. According to a study Farm Management Canada released this week, 78% of farmers across Canada report mid to high stress levels. But having a written business plan can …