Tag: crop insurance industry

US growers say crop insurance is critical to farming family survival

Nordstrom
Crop insurance - farming

Producers face significant challenges and depend on the stability of the coverage. Crop insurance is a coverage growers rely upon as a form of safety net to keep their farms – and the families they support – alive. The policies help farmer to continue to keep their businesses intact despite growing challenges. The coverage helps farmers – including those whose families have been farming for generations – to rely on added stability to ensure their businesses can continue. “We couldn’t make it without crop insurance. I mean, we put so…

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Private crop insurance companies see shrinking returns

Nordstrom
private Crop Insurance

These insurers have experienced a notable drop in their returns since the SRA was renegotiated in 2010. Private crop insurance companies are experiencing a notable downward trend in their return figures. This has been a consistent situation since the Standard Reinsurance Agreement (SRA) was renegotiated in 2010. The SRA renegotiation between insurers and the federal government marked a significant change in the direction of that business. The change in returns have also aligned smoothly with the Risk Management Agency’s benchmarks. The U.S. Department of Agriculture’s Risk Management Agency laid out…

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Crop insurance slashed through legislation for reducing expenses

Julie Campbell
Crop Insurance conservation

Growers may see reduced coverage levels in order to save taxpayers $24.4 billion over a decade. Two state representatives in Wisconsin have now introduced a bill called the Assisting Family Farmers through Insurance Reform Measures (AFFIRM) Act, which will slash crop insurance with the intention of providing taxpayers with savings over the next ten years. In the span of a decade, the insurance coverage cuts will mean $24.4 billion in expenses will be saved. According to farm subsidy program critic, Congressman Ron Kind (D), the crop insurance bill will still…

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Crop insurance payouts show modest damage

S.Vagus
Crop Insurance

Drought spurs moderate crop insurance payouts this year The ongoing drought that has gripped much of the U.S. may not be as economically calamitous as had been predicted, according to insurance payouts to farmers in some of the most drought-stricken states. Earlier this year, farmers had expected to lose the vast majority of their produce due to severe drought. While the drought proved to be one of the worst the country has experienced in its history, spurring the federal government to purchase stocks of fish and produce, the economic impact…

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Congress to determine the fate of crop insurance – plans for income insurance in the works

Marc

The agriculture industry in the U.S. has been battered by recent natural disasters. These events have damaged crops and, in some cases, completely demolished farmland in the Eastern states. Congress is now drafting new insurance regulations that would birth a new subsidy for farmers that have seen their livelihoods put at risk due to storms and other natural disasters. The insurance plan will help protect the income of farmers, but several insurance groups have voiced their opposition for the plan, arguing that it could encourage farmers to adopt risky practices.…

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