Industry leaders, Global Ag Risk Solutions Corp. (GARS) and Corteva Agriscience have come together to offer first-of-its-kind insurance protection for Canadian canola farmers.
Through this collaboration The Heat Advantage insurance will now be exclusively included with every purchase of Brevant seeds Nexera canola for farmers in Saskatchewan, Manitoba and Alberta. This collaboration will provide automatic coverage for canola farmers across Western Canada to protect themselves from what has traditionally been considered acceptable yield losses on canola. Historically, heat blast from hot days and warm nights at the most vulnerable, flowering stage of crop development has resulted in lower yields and lost revenue. In 2020, heat blast affected nine of 10 canola growing townships, leading to a loss of more than 50 million bushels and one-half billion dollars of combined revenue. Until now there has not been an integrated program to manage this risk.
“This product represents a next step in how and where we, as leaders, can innovate in the AgTech sector,” said Grant Kosior, president & CEO of GARS, the architects of this new heat blast parametric insurance product. “Agribusiness is evolving at lightspeed; transforming how we farm and moving us, collectively, beyond traditional solutions. I’ve been in this world my whole life, but I’ve never been more excited about where we’re headed than today.”
The Heat Advantage addresses heat blast as the first of many unique products GARS is developing for various crops, risks, and farmers around the world.
Offered through GARS’ parametrics.ag product, producers are protected from shallow losses caused by excess heat blast. Parametrics.ag is a breakthrough insurance product, designed using data from millions of acres and thousands of yields, modelled against 40 years of temperature and canola growing data. Parametrics.ag uses some of the most technically sophisticated satellite and radar systems to track temperature and risk in real-time.
Beginning in 2022, farmers who plant Brevant seeds Nexera canola will be automatically protected with up to $100 per acre in the event of excessive heat during the critical flowering growth development stage. “With demand for canola on the rise, growers have a bright future,” said Tyler Groeneveld, Corteva Agriscience’s Commercial Grains & Oils leader, North America. “To help promote that future, we’re bringing our Brevant™ seeds Nexera¬® canola customers an innovative solution that anticipates their needs and puts them more in control, allowing for greater peace of mind and risk mitigation.”
This incorporated insurance coverage is novel — not only in its progressive offering to growers but also its data sophistication. “Unlike other insurance, there is no time-consuming loss adjustment process, no trips to the field, and the farmer gets paid months ahead of traditional crop insurance,” said Kosior.
“With this collaboration farmers can unlock the agronomic potential in their minds. We’re delighted to collaborate with a highly respected global leader and champion in advancing agriculture in Canada, and the around the world,” expressed Kosior. “With The Heat Advantage, qualified growers are buying the only Omega-9 canola seed brand in Canada willing to share the unpredictable risk of heat blast through this innovative insurance product backed by an insurance innovator that truly understands the perils and probabilities of farming in the 21st century.”
