Live Insurance News

Smoke affected vineyards advised to look into their California crop insurance

August 31, 2020August 27, 2020 H. Cutner

Growers impacted by the wildfires in the state should review their policies to understand coverage. Vineyards and other growers whose plants are affected by wildfire smoke are being advised to take a look at the fine points of California crop insurance coverage on their policies. Many wine grape growers have found that a loophole that has removed their smoke taint coverage. A California Association of Winegrape Growers (CAWG) online webinar placed the California crop insurance situation in the spotlight last week. As the majority of the state has been affected…

India’s crop insurance program fanfare fades with shrinking coverage area

March 28, 2018March 26, 2018 H. Cutner

The Narendra Modi government’s scheme was highly popular when it first launched but is getting smaller. India’s crop insurance program first launched two years ago. At that time, it was tremendously celebrated and highly popular. That said, this year it has experienced negative growth. The reason is that its coverage area has dropped to 24 percent of the gross cropped area (GCA) from 2017 to 2018. This is considerably smaller than the 2016 to 2017 year when it had been 30 percent of the GCA. The target for the crop…

Crop insurance coverage spared 21,000 jobs in drought-plagued 2012

February 3, 2017February 1, 2017 Logan B.

A new Farm Credit Services of America reported the employment savings across four U.S. states. Farm Credit Services of America recently published a report about the difference crop insurance coverage made in the United States during 2012. That year, despite the worst droughts experienced in 2 decades, the insurance policies saved almost 21,000 jobs across four states. The 20-page report provides a breakdown offering insight regarding the crop insurance program history. The crop insurance coverage analysis dates back to the program’s beginning in the 1930s. It started with the Great…

Federal crop insurance participation less likely among wealthy growers

August 25, 2016August 24, 2016 Marc

The farmers who are most likely to buy this coverage aren’t the ones who are making the most money. A new report showed farmers are less likely to use federal crop insurance if they are among the wealthiest. This coverage is meant to help protect growers against risks such as low output prices and crop failure. The American program has been experiencing steady growth since the 90s. Federal crop insurance is now the biggest individual producer supporting program under the farm bill of 2014. This trend in growing federal crop…

South Asian Insurance industry suffering massive losses from cyclones

November 28, 2013November 25, 2013 G. Turner

Weather coverage segment may be seeing loss ratios as high as 100 percent. Damage to crops that has occurred as a result of cyclones could be leading to higher loss ratios in the weather South Asian insurance industries, with predictions that they could be as high as 100 percent, this year. Cyclone Phailin has caused a tremendous loss ratio this year when it struck in October. The crop damage that was caused by Cyclone Phailin when it struck the coast of Orissa and Andhra Pradesh early in October may lead…