Livestock insurance to receive a boost from USDA

livestock insurance news

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…

Read More

2012 U.S. Drought Worsens, Claims from Crop Insurance Expected to Exceed $13 billion: AIR

US drought 2012

BOSTON, August 28, 2012 – According to catastrophe modeling firm AIR Worldwide, the drought in the U.S. agricultural heartland continues to deteriorate crops in the Corn Belt with no meaningful precipitation relief in sight. After the hottest July on record, insured losses from the 2012 drought are now expected to surpass losses of other historical droughts.  AIR estimates that losses resulting from farmer claims for the crop insurance industry may exceed USD 13 billion with potential losses as high as USD 20 billion. Although the 2012 growing season began on…

Read More

Disaster declaration renewed in Texas as devastating drought persists

Texas Governor Rick Perry has renewed a declaration of disaster regarding the state’s ongoing and costly drought. Last year, the declaration was renewed several times, as the drought showed no signs of relenting. According to the National Weather Service, 2011 was the driest year Texas has ever known and the second hottest. The conditions ignited several wildfires throughout the state that caused damage to hundreds of homes and ruining thousands of acres of land. Insurers have been battling the disaster as fervently as state officials, but there seems to be…

Read More