Texas has been struggling to cope with one of the most severe droughts in the state’s history. The dry conditions have sparked a rash of wildfires throughout the state, which have burned crops and homes alike. The state’s insurers have been working to mitigate the damage caused by the extreme conditions and for those that lost their homes to fire, recovery is quickly becoming a reality. Good news is on the horizon for thousands of farmers who had their crops destroyed by the drought as well. More than 41,000 Texan…
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Crop insurance a key part of Obama’s federal deficit remedy.
President Obama unveiled his plans to tackle the federal deficit Monday. One of the ways the administration will confront the federal deficit is by making changes to the overarching agricultural infrastructure of the nation. Obama is looking to provide farmers with a $5 billion annual subsidy that will help them regulate the price of crops and purchase crop insurance in order to guard against natural disasters. This will remove the direct payment structure that has been in place in the industry since 1996, however, a move that has garnered a…
Read MoreNo end in sight for severe drought in Texas
Drought continues to grip much of the Southern U.S. and there seems to be no end in sight. Texas was due for some mild relief from Tropical Storm Don as it made its way from the Gulf to bathe Southern Texas with rain. However, the storm vanished as it approached land, like an illusory oasis in the desert. What should have brought modest relief to a state that has struggled with drought since October of last year proved only to spur worry. Concerns regarding the drought are highest among ranchers…
Read MoreNew weather insurance market emerging
It is estimated that over 90% of crop loss is due to unexpected weather conditions. As the climate grows less predictable, the more agricultural businesses, and homeowners, are put at risk. WeathrBill, a company that sells insurance online to protect against unpredictable weather, has caught the eye of Google, who will be investing in the company for $42 million. WeatherBill uses algorithms to calculate risk factors when determining what policies are best for shoppers. Their Total Weather Insurance product is the first full-season protection program in the U.S. that addresses…
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