Live Insurance News

Federal crop insurance participation less likely among wealthy growers

August 25, 2016August 24, 2016 Marc

The farmers who are most likely to buy this coverage aren’t the ones who are making the most money. A new report showed farmers are less likely to use federal crop insurance if they are among the wealthiest. This coverage is meant to help protect growers against risks such as low output prices and crop failure. The American program has been experiencing steady growth since the 90s. Federal crop insurance is now the biggest individual producer supporting program under the farm bill of 2014. This trend in growing federal crop…

Crop insurance program wastes $7.8 billion, says environmental group

January 8, 2014January 6, 2014 Julie Campbell

A new report has suggested that farmers in the Corn Belt have been massively overcompensated. The results of an analysis that was commissioned by the Environmental Working Group (EWG) have now been released in a report which suggests that the federal crop insurance program’s compensation to farmers in the Corn Belt who experienced the greatest devastation from the drought in 2012, had actually been too high by an estimated $7.8 billion. The payouts from that disaster totaled approximately $14 billion, but the report said that far less would have sufficed.…

Crop insurance subsidy limits applauded by reformers

October 17, 2013October 18, 2013 Julie Campbell

Those in favor or restrictions of this nature gave their praise to a U.S. House of Representatives vote. Reformers for the crop insurance subsidy gave their approval to a vote that was held by the U.S. House of Representatives that would require the wealthier growers to have to pay more in order to take part in the federally subsidized program. This is also the first time that an eligibility limit has been placed on this highly expensive program. The federal crop insurance program is already costing the country $9 billion…

Crop insurance in the farm bill is now up for debate in the Senate

May 22, 2013May 25, 2013 H. Cutner

The cuts to the federally subsidized program are facing consideration by Senators this week. This week, the Senate is now debating the proposed cuts to the federally subsidized crop insurance program, as an element of the enormous farm bill which is also being considered. On Monday, the Obama administration said that it wanted greater cuts to the subsidies and coverage. They stated that they wanted more crop insurance cuts in the legislation, and that the farm subsidies should also be reduced. The current proposal would cost nearly $100 billion per…

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…

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…

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…