As the Counting Crows once sang, “It’s been a long December but there is reason to believe that maybe this year will be better than the last.” If you have a chance to put the snow blower away long enough to read this edition, it means that the weather has finally slowed down after a nasty December. There is optimism that 2023 is going to be a great year for agriculture, and our economy in Western Canada really needs another good year for our grain producers.
As we close the calendar on 2022, the insurance industry continues to make life exciting for policy holders and their brokers. While farm insurance continues to be one of the more stable classes, we are seeing insurers asking more questions and requiring new information to provide coverage for clients. This comes in all forms, whether it is asking for more details on wood heating systems in buildings, getting bin and building details on file that had never been requested before, or scrutinizing the details on farm machinery values, the farm insurers in Manitoba are keeping us all on our toes.
We are still seeing the values of buildings increasing, while values of other assets- bins, dryer systems, farm machinery, tools, etc. continue to be moving targets to establish proper limits to replace should a loss occur. The base pricing of the raw products – steel and wood – have relaxed from their record high values in 2021, but we are seeing the portion of labor and overhead costs increasing as inflation continues to hit.
Last year at this time, I wrote that there was optimism in the air with the chance that a little more rain and a lot less virus we would have a very different outlook at the end of 2022 than we did going into the year. Little did we know that a little more rain would turn to flooding, and that the pesky virus took its time to move on, but here we are with optimism for 2023.
Here’s hoping that this year will bring stable weather, higher commodity prices, a flea beetle and mosquito-free summer, and more opportunities to enjoy health and catch up with friends and family.
On behalf of the team at Rempel Insurance Brokers, we are very thankful to serve our clients this past year and look forward to a great year in 2023!
Be sure to seek advice and purchase insurance from those who understand your business!
David Schmidt is an Account Executive and Rempel Insurance Brokers in Morris, MB, specializing in insuring farms and businesses across Manitoba and Saskatchewan.
Office (204) 746-2320 Text (204) 712-6618 Email davids@rempelinsurance.com Web www.rempelinsurance.com