Nova Scotia’s beef industry has a new tool to help shield producers from sudden market downturns. The Maritime Livestock Price Insurance Pilot Program is now available, offering farmers a way to safeguard the prices of their cattle through an insurance policy designed to offset unexpected declines.
Running until March 2026, this pilot initiative is part of a broader strategy to provide more comprehensive risk management options within the agricultural sector.
The program is a collaborative effort, with costs shared between the participating provinces and the Government of Canada. Producers who choose to participate pay an insurance premium to secure protection against market volatility.
By offering this type of financial safeguard, the initiative aims to give beef farmers greater confidence in their operations, allowing them to plan for the future even when prices fluctuate unexpectedly.
In 2023, Nova Scotia’s beef sector recorded over $42 million in farm cash receipts, a figure that underscores the importance of the industry to the regional economy.
More than 630 registered beef producers contribute to this vibrant market, making the introduction of such a risk management tool particularly timely. By complementing existing programs provided through Agriculture and Agri-Food Canada, this insurance pilot reinforces the overall network of support available to farmers across the Maritimes.
"We look forward to seeing the Livestock Price Insurance program bringing financial protection to our Nova Scotia beef producers. This will provide beef producers an option to purchase insurance on price protection for their beef cattle, which will greatly help if there is an unforeseen market disruption,” said Dean Manning, Chair of the Maritime Beef Council.
“With the large investment producers have made in their beef operations today, a wider range of business risk management tools available to them can help when market disruptions take place,"
Overall, the Maritime Livestock Price Insurance Pilot Program is viewed as an innovative and necessary investment in the sustainability of Nova Scotia’s beef production. By addressing market uncertainties head-on, this initiative not only supports individual farmers but also contributes to the stability and resilience of the regional agricultural landscape.