Business Risk Management Suite
Name: AIC Office
Canada-PEI Business Risk Management Suite
Agriculture ministers across Canada have agreed to an open and seamless evolution to the new business risk management suite. The Growing Forward 2 programs are more responsive, predictable and bankable for farmers.
The PEI Agricultural Insurance Corporation is responsible for the administration of the following income support programs under the Business Risk Management Suite:
- AgriStability provides support when a producer experiences larger farm income losses. The program covers declines of more than 15% in a producer's average income from previous years.
- AgriInvest is a savings account for producers, which provides coverage for small income declines and allows for investments that help mitigate risks or improve market income.
- AgriInsurance is an existing program which includes insurance against production losses for specified perils (weather, pests, disease) and is being expanded to include more commodities.
- AgriRecovery is a disaster relief framework which provides a coordinated process for federal, provincial and territorial governments to respond rapidly when disasters strike, filling gaps not covered by existing programs.