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Climate Change and the Insurance Industry

August 2, 2014August 1, 2014 Note From The Editor

Climate change is a controversial issue, but mostly because of political and philosophical beliefs. The insurance industry has been well aware of the potential impact a changing climate can have on the global environment and has been encouraging efforts to mitigate this impact. Climate change has the potential to bankrupt the insurance industry, as the phenomenon would be responsible for the increasing frequency in major natural disasters that disrupt the global economy and put a strain on the world’s resources. The insurance industry has been working to steel itself against…

Crop insurance gets a boost from the USDA in 2014 Farm Bill

August 1, 2014July 31, 2014 H. Cutner

The U.S. Department of Agriculture has now announced broader options for farmers and ranchers. The USDA has now announced that it will continue with the implementation of the 2014 Farm Bill that are designed to increase the coverage options for crop insurance for farmers and ranchers. Among the new provisions that is going to be added is the Supplemental Coverage Option (SCO). That provision will be available through the federal crop insurance program and will be administered by the Risk Management Agency (RMA). It is expected to become effective during…

Crop insurance changes are on their way once again

July 3, 2014July 1, 2014 H. Cutner

The USDA has announced that the farm bill implementation will go ahead with two more updates. According to the USDA, the implementation of the farm bill is continuing forward with new changes that will be made to the crop insurance regulations, which will impact both coverage and the types of options that are available to farmers. The farm bill changes will lead to an increase in the coverage levels for farmers through their insurance. Farmers will be able to obtain more coverage levels through the changes in the crop insurance…

Insurance news takes off with class action climate change lawsuit against government

May 23, 2014May 20, 2014 Julie Campbell

Farmers has now filed nine different suits against local Chicago area governments. The latest insurance news is now showing that in April, Farmers Insurance Co. had filed nine separate class action lawsuits regarding the impact of climate change within the Chicago area. These lawsuits have been filed against local governments within the area of that city. The argument being made by Farmers in this insurance news is that those local Chicago area governments were perfectly aware of the impact of climate change and that it is bringing heavier rainfalls to…

Climate change insurance is being scooped up by Chinese farmers

April 28, 2014April 28, 2014 Julie Campbell

Millions of growers have been persuaded by policymakers to cover themselves against losses from this phenomenon. Chinese farmers are more than aware of the damage that extreme weather can cause to a crop, and they are now protecting themselves with climate change insurance in the hopes of reducing the losses that they experience if severe weather should strike. Last year was a lesson that was hard learned by farmers in China, when extreme weather devastated crops. Only weeks before the rice harvest, last summer, paddies were struck by extreme weather…