Live Insurance News

Crop insurance cuts opposed by the American Soybean Association

April 17, 2013April 30, 2013

The ASA has announced its opposition of the reductions to the coverage and restructuring of food aid. The White House budget for 2014 has proposed that the crop insurance program be reduced and that food aid be restructured, but the American Soybean Association (ASA) has released its criticisms of those decisions. The organization represents the soybean farmers across the country and has openly opposed the proposals. The budget proposal for next year included a reduction of the federal crop insurance program by $7.4 billion. The ASA has fiercely criticized that…

Insurance News Broadcast

March 28, 2013 S.Vagus

Welcome to our Live Insurance News Broadcast! Join us every week as we annouce news Fresh Of The Press! Catch this week in the industry… Check out a summary of today’s headline articles as well as a link directly to the source! Health insurance exchange approved in Minnesota Early this week, Minnesota lawmakers passed a legislation that calls for the creation of a health insurance exchange that is managed by the state. Opponents of the state-run health insurance exchange argue that it will simply be too expensive for…

Crop insurance payouts break records and spark debates

March 25, 2013April 30, 2013

Widespread drought across Iowa and other Midwest states lead to massive payments from the program. The droughts throughout the 2012 growing season will have generated an estimated record level of payments, reaching $16 billion, which has led critics to call for changes to the government subsidy system. They feel that the taxpayers are paying for an inefficient subsidy and the government can’t afford it. Farmers and growers purchase their crop insurance from private insurers. That said, those policy premiums are subsidized by the federal government, and losses over certain levels…

Crop insurance study shows coverage saved thousands of jobs

March 16, 2013April 30, 2013

It is believed that employment was maintained for 17,000 people in Iowa and Nebraska due to the protection. The results of a recent study have shown that the payouts from farms that had federally subsidized crop insurance generated an economic impact of an estimated $2.2 billion across a region of four states, and that it saved 17,000 jobs in Iowa and Nebraska, alone. The researchers who conducted the study were seeking to define the impact of the coverage on the state economies. The purpose of the research was to find…

Crop insurance payouts in Indiana reach new high

March 15, 2013April 30, 2013

The current estimate is that there have already been $1.04 billion paid out following the 2012 drought. The drought of 2012 left massive damage behind for farms throughout Indiana, and it is now estimated that the result of that devastation is over $1.04 billion in crop insurance payouts; a level that surpasses the payments from all previous years. This represents a massive loss in the state, particularly because one quarter of Indiana crops are uninsured. The U.S. Department of Agriculture (USDA) released these statistics this week, highlighting the damage that…

Crop insurance fraud ring bust made, worth $100 million

March 14, 2013March 13, 2013 Julie Campbell

A North Carolina scam involved 41 people who have either pleaded guilty or reached plea agreements. Federal investigators have now discovered the truth behind a massive crop insurance bust that involved dozens of farmers, brokers, claims adjusters, and agents in eastern North Carolina, which had intended to defraud their policies for at least $100 million. Authorities have said that the investigation is ongoing, but it has already proved to be the largest scam ring in the U.S. So far, there have been 41 defendants that have either pleaded guilty to…

Crop insurance program changes are supported by some farmers

February 28, 2013April 30, 2013

Some growers in Kansas are giving the nod to a bill that would decrease newly converted land subsidies. Although it would be natural to expect that farmers would be entirely against legislation that would place a tougher limit on crop insurance subsidies, there are some that are expressing their belief that the move is indeed designed to protect their interests over the long term. The changes to the subsidies would mean a reduction for grasslands that had not previously been agriculture space. These changes have to do with the Protect…