Insurance Business Government invests in risk management tool for farmers

Government invests in risk management tool for farmers

Member of Parliament Francis Drouin announced yesterday that the government is investing in a risk management tool that would allow farmers to assess risks and come up with solutions to mitigate loss.

Farm Management Canada received a $786,921 investment to develop “AgriShield,” an online-based risk management platform. The tool will allow farmers to conduct real-time assessments of the potential negative impact of risks to their businesses and can offer mitigation solutions.

“Canadian farmers face risk every day and it is essential they have the necessary tools to better understand and manage risk,” said Drouin. “The recent flooding in Eastern Ontario and Quebec, for example, shows the need to help farmers more effectively manage risk, so that they can be stronger, more innovative and more competitive.”

According to a release, the investment is being made through Agriculture and Agri-Food Canada’s AgriRisk Initiatives (ARI), “which supports the research and development, as well as the implementation and administration of new risk management tools for use in the agriculture sector.”

“Less than 1/3 of Canada’s farmers have a risk management plan. Our ultimate goal is to increase the awareness and adoption of risk management practices and planning as part of the farm management process and cultivate a more comprehensive understanding and approach to assessing and managing risk within the agricultural sector,” commented Farm Management Canada executive director Heather Watson.

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