Tag: crop insurance claims

Crop insurance payouts may come at a cost

H. Cutner
Crop Insurance

As the planting season edges nearer in 2013, Nebraska is among the states that have collected the most. Among all of the states in the country, Nebraska is one of the six in which its farmers have collected crop insurance payouts worth over $1 billion due to damage that was caused by the drought last year. That disastrous growing season led to over $12.3 billion in payouts as of Monday. However, the most recent statistics that have been released by the Risk Management Agency of the federal government has also…

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Crop insurance payouts may break double the previous record

Marc
private Crop Insurance

Some estimates have claimed that the payments will be greater than $25 billion. After crunching the numbers for this year’s crop insurance payments, it looks as though this coverage – which has been vital to farmers this year due to the widespread droughts and floods – it looks as though the payouts will be greater than $25 billion. This will be over twice the $10.8 billion record high that was set in 2011. This year, over 80 percent of the corn fields had crop insurance coverage. Clearly, this was significantly…

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

Guest Author
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…

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