Crop Insurance Indemnities Over $11.4 Billion for 2013 Crops

March 20, 2014 09:59 AM
 

via a special arrangement with Informa Economics, Inc.

Data for week ended March 17


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


Crop insurance indemnities for 2013 crops have reached $11.434 billion for the week ended March 17, according to Risk Management Agency (RMA) data.

The data reflect an increase in payouts of just over $100 million compared to the prior week, with the loss ratio edging up to .97. Despite continuing to rise, both total payouts and the loss ratio remain behind the 2012 crop year when indemnities were a record $17.431 billion. The loss ratio for 2012, at 1.57, was the highest since 2.19 registered for the 1993 crop year.


2013 Crops

Week Ended

Net Acres Insured
(million)

Premiums Paid
(Billion dollars)

Subsidy
(Billion dollars)

Indemnities
(Billion dollars)

Loss Ratio

Corn

03/17/14

84.771

$4.685

$2.826

$5.403

1.15

03/10/14

84.761

$4.685

$2.826

$5.332

1.14

Cotton

03/17/14

9.864

$0.677

$0.443

$0.965

1.43

03/10/14

9.871

$0.677

$0.444

$0.961

1.42

Pasture & Rangeland

03/17/14

54.234

$0.196

$0.105

$0.176

.90

03/10/14

54.220

$0.196

$0.105

$0.176

.90

Peanuts

03/17/14

0.952

$0.046

$0.027

$0.024

.52

03/10/14

0.952

$0.046

$0.027

$0.024

.52

Rice

03/17/14

2.298

$0.062

$0.042

$0.117

1.88

03/10/14

2.298

$0.062

$0.042

$0.117

1.87

Sorghum

03/17/14

5.792

$0.277

$0.177

$0.360

1.30

03/10/14

5.793

$0.277

$0.177

$0.359

1.29

Soybeans

03/17/14

67.459

$2.492

$1.535

$1.166

.47

03/10/14

67.458

$2.492

$1.535

$1.154

.46

Burley Tobacco

03/17/14

0.064

$0.021

$0.012

$0.025

1.22

03/10/14

0.064

$0.021

$0.012

$0.020

.98

Flue-Cured Tobacco

03/17/14

0.220

$0.047

$0.027

$0.079

1.66

03/10/14

0.220

$0.047

$0.027

$0.079

1.66

Wheat

03/17/14

48.585

$1.981

$1.249

$2.256

1.14

03/10/14

48.584

$1.981

$1.249

$2.253

1.14

TOTAL

03/17/14

295.724

$11.783

$7.281

$11.434

.97

03/10/14

295.724

$11.784

$7.282

$11.331

.96


Comments: The level of net acres insured for 2013 remains at a record mark of 295.724 million, some 13 million above the prior record set for the 2012 crop year. So far for 2014 crops, there are already 86.956 million net acres insured, just behind the level seen for 2013 crops at this point a year ago. Looking further ahead, net acres insured are expected to rise significantly for 2015 crops as farmers will have two new farm bill, crop insurance related options – the Stacked Income Protection Program (STAX) for cotton and the Supplemental Coverage Option (SCO) available to those participating in the Price Loss Coverage (PLC) commodity program.


 

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


 


 

 

 

 

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