Live Insurance News

Crop insurance up for reform in the US

May 14, 2013May 25, 2013 Logan B.

US lawmakers begin looking to reform crop insurance program In the U.S., federal lawmakers are working to renovate the country’s financial safety net for farmers. The federal crop insurance program is the most expensive part of this safety net and has long been a controversial subject among politicians and taxpayers alike. In 2012, the capabilities of the crop insurance program were put to the test by a severe drought that gripped much of the country. The drought caused an estimated $35 billion in damage in the Midwest, contributing to an…

Study exposes dubious nature of crop insurance in the US

May 3, 2013May 2, 2013 Logan B.

Crop insurance program highlighted in new study Last year, the worst drought the U.S. has experienced in over 50 years brought significant attention to the country’s crop insurance program. The drought led to record payouts from the crop insurance program, which is subsidized with taxpayer money. The program is designed to provide some financial aid to farmers who lose their crops due to natural disasters and other catastrophic events. This was not the case for the 2012 drought, however, according to a new study from the Iowa State University. Study…

Crop insurance payouts break records and spark debates

March 25, 2013April 30, 2013

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…

Crop insurance claims reach record highs in US

January 17, 2013January 17, 2013 Marc

Crop insurance payouts reach $11 billion In 2012, a severe drought struck the U.S. that quickly became the worst the country had ever seen. The drought brought intense focus to the country’s crop insurance program, which had been established to protect U.S. farmers from natural disasters. The drought caused widespread crop failures, which produced insurance claims from farmers. According to government data, the total cost of the drought, in terms of crop insurance payouts, has been tallied to be $11.581 billion. Risk Management Agency offers new look at crop insurance…

Crop insurance payouts show modest damage

December 12, 2012December 12, 2012 S.Vagus

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…