Crop insurance program wastes $7.8 billion, says environmental group

Corn Belt - GMO Crop Insurance program

A new report has suggested that farmers in the Corn Belt have been massively overcompensated. The results of an analysis that was commissioned by the Environmental Working Group (EWG) have now been released in a report which suggests that the federal crop insurance program’s compensation to farmers in the Corn Belt who experienced the greatest devastation from the drought in 2012, had actually been too high by an estimated $7.8 billion. The payouts from that disaster totaled approximately $14 billion, but the report said that far less would have sufficed.…

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Crop insurance losses resulting from the U.S. droughts could top $20 billion

Crop insurance program 2014

The industry continues to tally up the totals from predictions, which grow ever higher. The wide sweeping droughts that have destroyed the plants on farmers’ fields across the United States are racking up a significant bill, as AIR Worldwide has predicted that this single natural catastrophe have likely already bring about crop insurance losses worth over $13 billion. That disaster modeler forecasts that these losses may reach $20 billion by the end of the year. The data from AIR has shown that once the federal government recoveries have been accounted…

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