New crop insurance program to protect Indian farmers from cost of damage

Crop Insurance

The new strategy will be launched early in 2016 and will use technology to assess damage to fields. In what might turn out to be the first major step taken by Indian Prime Minister Narendra Modi in addressing rural struggles, a crop insurance program is set to launch in early 2016 in order to help to protect farmers against the costs of damage to their fields and, therefore, their revenues. The program will use technology such as drones in order to conduct more accurate damage assessments. Over the last few…

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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…

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Crop insurance payouts break records and spark debates

Crop insurance

Widespread drought across Iowa and other Midwest states lead to massive payments from the program. The droughts throughout the 2012 growing season will have generated an estimated record level of payments, reaching $16 billion, which has led critics to call for changes to the government subsidy system. They feel that the taxpayers are paying for an inefficient subsidy and the government can’t afford it. Farmers and growers purchase their crop insurance from private insurers. That said, those policy premiums are subsidized by the federal government, and losses over certain levels…

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Crop insurance payouts in Indiana reach new high

private Crop Insurance

The current estimate is that there have already been $1.04 billion paid out following the 2012 drought. The drought of 2012 left massive damage behind for farms throughout Indiana, and it is now estimated that the result of that devastation is over $1.04 billion in crop insurance payouts; a level that surpasses the payments from all previous years. This represents a massive loss in the state, particularly because one quarter of Indiana crops are uninsured. The U.S. Department of Agriculture (USDA) released these statistics this week, highlighting the damage that…

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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…

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