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…

Crop insurance in the US braces for costly impact

October 16, 2012October 16, 2012 Nordstrom

Crop insurance payouts could be a costly issue The U.S. has been battered by an extensive and severe drought that has destroyed farmlands throughout much of the country. The drought has been a significant problem for some time and has been at the center of arguments and legislative action concerning the issue of crop insurance. Even before the drought took hold of the country, crop insurance was a hot issue. Now, the economic impact of insurance payouts that many have feared are becoming a reality. Analysts suggest insurance payouts could…