Live Insurance News

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…

Crop insurance gets bigger as the latest farm bill’s costs rise

May 16, 2013May 25, 2013 H. Cutner

The federally subsidized program will now offer a minimum of three new forms of protection. The most costly part of the safety net for American farmers, the federally subsidized crop insurance program, will now have at least three new forms of coverage available to growers across the country. The farm bill draft is currently pending in both the Senate and the House of Representatives. It has been suggested that the new form of crop insurance could generate a cost that is 10 percent higher than the expense it currently generates.…

Crop insurance up for reform in the US

May 14, 2013May 25, 2013 Logan B.

US lawmakers begin looking to reform crop insurance program In the U.S., federal lawmakers are working to renovate the country’s financial safety net for farmers. The federal crop insurance program is the most expensive part of this safety net and has long been a controversial subject among politicians and taxpayers alike. In 2012, the capabilities of the crop insurance program were put to the test by a severe drought that gripped much of the country. The drought caused an estimated $35 billion in damage in the Midwest, contributing to an…

Study exposes dubious nature of crop insurance in the US

May 3, 2013May 2, 2013 Logan B.

Crop insurance program highlighted in new study Last year, the worst drought the U.S. has experienced in over 50 years brought significant attention to the country’s crop insurance program. The drought led to record payouts from the crop insurance program, which is subsidized with taxpayer money. The program is designed to provide some financial aid to farmers who lose their crops due to natural disasters and other catastrophic events. This was not the case for the 2012 drought, however, according to a new study from the Iowa State University. Study…

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 claims reach record highs in US

January 17, 2013January 17, 2013 Marc

Crop insurance payouts reach $11 billion In 2012, a severe drought struck the U.S. that quickly became the worst the country had ever seen. The drought brought intense focus to the country’s crop insurance program, which had been established to protect U.S. farmers from natural disasters. The drought caused widespread crop failures, which produced insurance claims from farmers. According to government data, the total cost of the drought, in terms of crop insurance payouts, has been tallied to be $11.581 billion. Risk Management Agency offers new look at crop insurance…