Live Insurance News

Crop insurance products prepared for growers in the Philippines

September 11, 2013September 9, 2013 H. Cutner

The World Bank’s private sector funding arm is working on new protection for farmers. The private sector funding branch of the World Bank, The International Finance Corp. (IFC), is currently working with a number of its partners in order to create new crop insurance products that are meant to provide farmers in the Philippines with protection against the considerable losses that they incur from typhoon damages. It has been estimated that farmers in the country have lost $2.5 billion to damaging weather since 2009. The IFC reported this statistic, last…

Crop insurance report criticizes federal incentives

September 6, 2013September 11, 2013 H. Cutner

An environmental group has released the data which has indicated FCIP’s structure is flawed. A report has just been released by the National Resources Defense Council, which has criticized the very structure of the Federal Crop Insurance Program (FCIP), despite the fact that the payments that the program has been making are vital to the financial survival of farmers across the country. Last year’s drought brought about payments that reached record heights, breaking the $17.3 billion mark. The National Resources Defense Council report contained the results of a study. It…

Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

August 7, 2013 Guest Author

BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

Crop insurance regulation generating confusion

July 25, 2013July 23, 2013 G. Turner

Some Upper Midwest farmers are not exactly sure what coverage is available to them. The massive and extensive droughts that struck the Upper Midwest of the United States are now contributing to widespread confusion regarding the rules of crop insurance for some farmers in that region who were not able to plant this spring because of the exact opposite issue – too much water. Some growers are concerned that they won’t qualify for payments this year when they were not able to plant. Croplands that were too wet to put…

Crop insurance in Kansas farm bill pleases farmers

July 18, 2013July 20, 2013 G. Turner

Though growers are pleased that the program continues to exist, they are wary of cuts to direct subsidies. Farmers in Kansas are thrilled that their crop insurance program has been maintained as a part of a scaled down farm bill that has been passed by the U.S. House, but they are still leery as it doesn’t look as though the opportunity that it will provide will be quite as lucrative as what it used to be. They are still watching to see which elements of it will make it into…

Crop insurance push made for conservation requirements

June 8, 2013June 6, 2013 G. Turner

Rep. Mike Thompson wants the subsidized coverage to require compliance for eligibility. Among the differences between the current federally subsidized crop insurance program and the older systems of farmer subsidies is that it has detached itself from having to comply with conservation in order to be eligible. Older programs all required that farmers preserve wetlands, soils, wildlife habitat, etc, in exchange for the assistance. However, since 1996, farmers no longer had to meet the conservation minimum USDA requirement in order to be able to receive crop insurance subsidies, even at…

US Senate approves change to controversial crop insurance program

May 28, 2013May 27, 2013 Nordstrom

Crop insurance sees reforms at the hands of the Senate Crop insurance has been a matter of debate for U.S. lawmakers for more than a year. The attention drew more attention in the wake of the 2012 drought that threatened crops through much of the Midwest. The damage caused by this disaster successfully highlighted many of the problems that exist in the country’s current crop insurance program, spurring federal lawmakers to address these issues for the sake of economic stability and progress. Senate approves change to farm bill Late last…