Farm Futures
   Search Site:  Search Site Wednesday, April 23, 2014 | Bookmark This Site   
Skip Navigation Links
Home
Markets
News
Weather
Farm Futures NOW!
Magazine Online
RSS News
Mobile
Subscribe
Reprints
Register
Login
About Us
Advertise

Crop Insurance Indemnity Tally Now $15.4B

February crop insurance numbers roll in, breaking $15B barrier

Published on: Mar 8, 2013

As the claims come in from one of the worst droughts in decades, farmers and ranchers across the country are receiving indemnity payments for the losses they have incurred. As of March 4, 2013, more than $15.4 billion has been sent to farmers. 

Nineteen states have loss ratios exceeding 1.05 – meaning that for every $1 paid in premiums, companies are paying out $1.05 in indemnities.  Illinois has the highest loss ratio at 3.55.

States with the high loss ratios include Missouri, Kentucky, Nebraska, Iowa, Indiana, Kansas, South Dakota, New Mexico, New Hampshire, New York, Wisconsin, Texas, Colorado, Massachusetts, Tennessee, Wyoming, Michigan and Ohio.

February Crop Insurance numbers roll in, breaking $15B barrier
February Crop Insurance numbers roll in, breaking $15B barrier

Nationally, the loss ratio is 1.39.

In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops. Crop insurance policies protect more than 281 million acres of planted land.

Out of pocket, farmers have spent $28.6 billion to purchase the protection of crop insurance in the past decade.