Tag: crop insurance losses

Crop insurance claims reach record highs in US

Marc
Crop insurance program 2014

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…

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Crop insurance could cost American taxpayers record amounts

private Crop Insurance

Droughts and floods could require $15 billion in U.S. taxes to subsidize this year’s program. Taxpayers in the United States may be facing a record breaking $15 billion in order to be able to continue subsidizing the privately operated crop insurance program, following the devastation from massive droughts throughout the Farm Belt, and flooding in other agricultural regions. Congress is currently seeking a way to help to control the skyrocketing costs. It has been a topic of a great deal of debate and discussion as Congress tries to reduce the…

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Crop insurance in Midwest is increasingly strained

Julie Campbell
Corn Belt - GMO Crop Insurance program

The losses from these claims are continuing to grow in the Corn Belt. After a growing season that has already led to exceptionally high crop insurance losses as a result of droughts, the temperatures in the triple digits are now sending a new wave of claims through the Corn Belt, with record losses being predicted by experts in the industry. This problem has been made worse by the changes that decreased the premiums of some growers. It has been estimated that the crop insurance losses will reach almost $15 billion…

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

Julie Campbell
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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