A new insurance policy being offered to New Brunswick maple syrup producers is aimed at protecting them financially from production losses caused by natural perils, such as extreme weather conditions.
The new insurance, offered under the Agrilnsurance program, is expected to grow maple businesses in communities across the province and attract new producers.
“New Brunswick maple producers are known around the world for quality products,” said Agriculture, Aquaculture and Fisheries Minister Margaret Johnson in a news release Monday.
“The new AgriInsurance program for maple producers will provide participants in the sector with important protection from unforeseen weather events.”
New Brunswick’s Department of Agriculture, Aquaculture and Fisheries already offers Agrilnsurance programs for growers of apples, grain, grain corn, oilseeds, potatoes, strawberries, sweet corn, fresh market vegetables and wild blueberries.
Provincial and federal governments worked with the New Brunswick Maple Syrup Association to develop the new program.
“Maple syrup producers often face unpredictable and sometimes extreme weather, and that can have a direct impact on their operations,” said federal Agriculture and Agri-Food Minister Lawrence MacAulay.
“By extending the AgriInsurance program to the maple sector, producers can now access essential insurance protection, creating a more resilient and competitive maple syrup industry in New Brunswick.”
According to the government release, more than 500 people work in the maple syrup sector, with tens-of-millions of dollars in revenue annually going into the province’s economy.
“However, it is an industry that is at the mercy of climatic hazards and various environmental factors which can have major impacts on the quantity of syrup that is produced from one year to the next. The implementation of the AgriInsurance program will reduce the financial risks for maple syrup producers who must, at this time, assume all of the losses suffered when a bad year occurs,” said Frédérick Dion, president of the New Brunswick Maple Syrup Association.
“This sharing of risk will reduce the possibility of bankruptcies and provide greater peace of mind for producers who join the AgriInsurance program.”
The $1.2 billion in farm cash receipts New Brunswick recorded in 2023 broke the previous record of $1.1 billion set in 2022.