Crop Insurance Payouts Near $9 Billion for 2012 Crops

December 20, 2012 01:25 AM

Via a special arrangement with Informa Economics, Inc.

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

Corn indemnities over $5 billion with soybeans now over $1 billion.

Indemnities for 2012 crops under the federal crop insurance program have reached more than $8.7 billion as of Dec. 17, according to Risk Management Agency (RMA) data.

Payouts for 2012-crop corn rose another $500 million to hit $5.2 billion while indemnities on soybeans crossed the $1 billion threshold. That moved the loss ratio for corn to 1.22 and soybeans to .47 as of Dec. 17.

Illinois continues to lead on payouts for corn, with $850 million, followed closely by Iowa at $833 million. Nebraska data shows payouts of $625 million while South Dakota registered $579 million and Kansas $535 million.

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Comments: The strong payouts on 2012 crops is another reason why farmers continue to hope for a strong crop insurance component in any new farm legislation, but they remain concerned about what they see as a rising focus by some on the premium subsidies involved for the program.


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