Crop insurance in Midwest is increasingly strained

Corn Belt - GMO Crop Insurance program

The losses from these claims are continuing to grow in the Corn Belt. After a growing season that has already led to exceptionally high crop insurance losses as a result of droughts, the temperatures in the triple digits are now sending a new wave of claims through the Corn Belt, with record losses being predicted by experts in the industry. This problem has been made worse by the changes that decreased the premiums of some growers. It has been estimated that the crop insurance losses will reach almost $15 billion…

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Crop insurance losses resulting from the U.S. droughts could top $20 billion

Crop insurance program 2014

The industry continues to tally up the totals from predictions, which grow ever higher. The wide sweeping droughts that have destroyed the plants on farmers’ fields across the United States are racking up a significant bill, as AIR Worldwide has predicted that this single natural catastrophe have likely already bring about crop insurance losses worth over $13 billion. That disaster modeler forecasts that these losses may reach $20 billion by the end of the year. The data from AIR has shown that once the federal government recoveries have been accounted…

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Livestock insurance to receive a boost from USDA

livestock insurance news

Farmers to obtain additional help this year due to severe drought. Tom Vilsack, the Agriculture Secretary, has announced a number of efforts that are being made in order to help farmers who have been impacted by the worst drought that has been seen in 50 years, including alterations to the livestock insurance program. The U.S. Department of Agriculture (USDA) will modify its emergency loans. This will allow loans to be made earlier on in the season in order to allow producers to purchase livestock insurance, as well as to offset…

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2012 U.S. Drought Worsens, Claims from Crop Insurance Expected to Exceed $13 billion: AIR

US drought 2012

BOSTON, August 28, 2012 – According to catastrophe modeling firm AIR Worldwide, the drought in the U.S. agricultural heartland continues to deteriorate crops in the Corn Belt with no meaningful precipitation relief in sight. After the hottest July on record, insured losses from the 2012 drought are now expected to surpass losses of other historical droughts.  AIR estimates that losses resulting from farmer claims for the crop insurance industry may exceed USD 13 billion with potential losses as high as USD 20 billion. Although the 2012 growing season began on…

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