Live Insurance News

Crop insurance in Midwest is increasingly strained

September 19, 2012September 19, 2012 Julie Campbell

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…

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

September 11, 2012September 11, 2012 Julie Campbell

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…

Livestock insurance to receive a boost from USDA

August 31, 2012August 31, 2012 Julie Campbell

Farmers to obtain additional help this year due to severe drought. Tom Vilsack, the Agriculture Secretary, has announced a number of efforts that are being made in order to help farmers who have been impacted by the worst drought that has been seen in 50 years, including alterations to the livestock insurance program. The U.S. Department of Agriculture (USDA) will modify its emergency loans. This will allow loans to be made earlier on in the season in order to allow producers to purchase livestock insurance, as well as to offset…

Crop insurance to become available to Michigan cherry growers

August 23, 2012April 30, 2013

These fruit farmers will have this opportunity as a result of the latest farm bill changes. Cherry growers across Michigan may soon have the opportunity to buy crop insurance following the passing of the Farm Bill, which is a piece of legislation that is worth almost a trillion dollars. According to U.S. Senator Debbie Stabenow, “Right now, the tart cherry farmers have zero (crop insurance).” This year has been a devastating one for many of the cherry farmers across the country, starting right at the beginning of the growing season,…

Maryland aims to promote crop insurance through new initiative

August 21, 2012August 21, 2012 Nordstrom

Department of Agriculture to educate farmers on crop insurance The Maryland Department of Agriculture has taken an aggressive stance in promoting crop insurance. The severe drought that has gripped the U.S. has caused unprecedented damage to crops throughout many states. There are no signs that the drought will abate any time soon, leading government officials to tout the protection that could be provided through crop insurance. Maryland officials have embarked on a mission to educate local farmers on the protections they can receive through appropriate coverage. Ongoing drought draws attention…

Crop insurance program is under the microscope due to droughts

August 17, 2012August 16, 2012 Marc

This year, America’s farmers are relying on their coverage, possibly more than ever before. The historic drought of 2012 is drawing significant attention to the federal crop insurance program that is designed to assist American farmers throughout times such as this, when natural events cause significant damage to the ability of growers to produce. As the losses on farms continue to rise, it is expected that the program will fork over $18 billion in assistance. Of that money, up to $10 billion of it will have come from taxpayers. This…

Crop insurance has become critical to the survival of some farmers

August 15, 2012April 30, 2013

This year’s droughts have made the coverage vital to many American growers. Farmers have been helplessly watching their corn, wheat, and other produce wither and die and are now relying on crop insurance to get them through the worst drought that the United States has seen in over a half century. The federal program to protect growers has become an important part of survival this year. Without its assistance, many farmers – who are already battling with the high prices of land, cash rents, and high price inputs – would…