Thank you for the question.
What you're describing is exactly where private insurance is best suited to fill the gap. The risk in P.E.I. is different from the risk in B.C., which is different from the risk in Manitoba. Even in Saskatchewan, the risk is different between Swift Current and Nipawin. Designing a product with the producer in mind, using the real perils that occur in that area for that farm.... Private insurance is nimble enough to design those products and react to the needs of the farmer.
We designed a forage insurance product that was basically looked at by Saskatchewan Crop Insurance. They chose not to use it, but it would have done exactly what you're describing. It took into account more than just rainfall. It took into account 14 different factors and created an index for that farm. We were able to do it much faster than the public programs because we're not saddled by as much bureaucracy and waiting for permissions. We can innovate, do things quickly and get those things into the marketplace very fast.
A risk such as that is exactly where private insurance can adapt, but we will never come to P.E.I. because that market is too small to risk building a product and creating distribution if there isn't a pull-through mechanism of using public dollars to backstop the risk and to subsidize the premium. It would be very expensive being a private product without any public dollars attached to it. In a province as small as P.E.I., we'll never bring that product to the market without the public support.