Payments from crop insurance predicted to be lower this year

Crop Insurance

As the soybean and corn seasons are coming to a close, producers are wondering about payouts due to price drops. The harvest season for soybeans and corn is now on its way to closing, and as 2015 wraps up, many farmers are starting to wonder if they will be receiving any payments from their crop insurance coverage, since the prices have been declining this year. Last year, many growers in northern Iowa and Minnesota saw yields considerably lower than typical. The lower than average yields, in combination with the reduced…

Read More

Crop insurance claims are starting to be submitted for damaged wheat

us crop insurance program

Farmers in many areas have found their fields struck by frost, causing considerable issues for harvest. The crop insurance claims have now started to be filed in higher numbers as a result of the wheat that has been damaged by the frosts that have struck several parts of the country, and many agents feel that the numbers will continue to climb. Some agents think that this year will see a higher number of claims of this nature than other years. North Dakota was especially affected by the recent frosts. While…

Read More

Crop insurance claims already increasing in Canada

Crop Insurance

As another summer comes with devastating flooding, farmers are already contacting their insurers. As farmers begin to have the opportunity to see how much of their land has been affected by flooding in Saskatchewan, Canada, they are submitting their crop insurance claims on an increasing basis. It is believed that the full impact of the flooding throughout Saskatchewan will not be known until the fall. According to Rae Groeneveld, from the Saskatchewan Crop Insurance Corporation, by July 29, there had already been 792 claims submitted, pre-harvest. He explained that “A…

Read More

Crop insurance claims rapidly rise in Canada

home flood insurance coverage

The flooding of farms in Saskatchewan and Manitoba is leading to massive losses of wheat and canola. The Canadian province of Saskatchewan is the largest producer of canola and wheat in the world, but it is currently seeing a massive number of crop insurance claims after its farms have experienced widespread flooding. The province is expecting that the claims will continue as many crops have already been seeded and flooded. According to the Saskatchewan Crop Insurance Corp chief executive officer, Shawn Jaques, “It’s a very large area that’s impacted, so…

Read More

South Asian Insurance industry suffering massive losses from cyclones

south asian Insurance industry India

Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…

Read More

Crop insurance fraud ring bust made, worth $100 million

Crop Insurance Fraud

A North Carolina scam involved 41 people who have either pleaded guilty or reached plea agreements. Federal investigators have now discovered the truth behind a massive crop insurance bust that involved dozens of farmers, brokers, claims adjusters, and agents in eastern North Carolina, which had intended to defraud their policies for at least $100 million. Authorities have said that the investigation is ongoing, but it has already proved to be the largest scam ring in the U.S. So far, there have been 41 defendants that have either pleaded guilty to…

Read More

Crop insurance payouts may come at a cost

Crop Insurance

As the planting season edges nearer in 2013, Nebraska is among the states that have collected the most. Among all of the states in the country, Nebraska is one of the six in which its farmers have collected crop insurance payouts worth over $1 billion due to damage that was caused by the drought last year. That disastrous growing season led to over $12.3 billion in payouts as of Monday. However, the most recent statistics that have been released by the Risk Management Agency of the federal government has also…

Read More