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Crop Insurance Payouts Push Further Above $10.7 Billion

May 1, 2012
By: Jim Wiesemeyer, Pro Farmer Washington Consultant

Losses paid out on 2011 crops have now pushed past $10.7 billion for the week ended April 30, with the crop insurance program loss ratio at 0.90, according to the Risk Management Agency (RMA).

Payouts for corn now equate to more than two-thirds of the premiums paid into the program for that crop, while soybeans are still just shy of the two-thirds mark.

The total indemnities for 2011 crops continues to edge closer and closer to the $11 billion mark - the level that some in the crop insurance program predicted would be the case once 2011-crop losses are totaled up.

Here's a look at the latest indemnities for key crops:

05 01 12 Img1

For 2012 crop, RMA reported that the level of net acres insured has reached 84,869 million, up from 84.413 million the prior week. And, the 2012 levels are running ahead of where 2011 crop was at this point a year ago - 81.021 million acres.

For 2011 crop now, RMA data shows that 265.358 million net acres are insured.

For the week ended April 23, here's a look at the indemnities on a map:

05 01 12 Img2

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RELATED TOPICS: Inside Washington Today

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