Crop Insurance Indemnities Reach $11.331 Billion

March 13, 2014 02:58 AM
 

Risk Protection policies remain the overwhelming choice for producers


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


 

Indemnities have reached $11.331 billion under the federal crop insurance program for 2013 crops as of March 10, according to the Risk Management Agency (RMA).

The payout level remains well below the record mark set for the program in 2012 when $17.4 billion was paid out.

As for the type of policies carried by producers, Risk Protection (RP) remain the overwhelming choice with 191.384 million net acres insured, or about 65 percent of the total net acres insured for 2013 crops. Rainfall-linked policies are the next highest net insured acreage level at 49.57 million followed by Yield Protection (YP) at 29.456 million acres. Actual Production History (APH) policies cover 12.473 million net acres.

 

2013 Crops

Week Ended

Net Acres Insured
(million)

Premiums Paid
(Billion dollars)

Subsidy
(Billion dollars)

Indemnities
(Billion dollars)

Loss Ratio

Corn

03/10/14

84.761

$4.685

$2.826

$5.332

1.14

03/03/14

84.723

$4.682

$2.824

$5.227

1.12

Cotton

03/10/14

9.871

$0.677

$0.444

$0.961

1.42

03/03/14

9.844

$0.675

$0.442

$0.954

1.46

Pasture & Rangeland

03/10/14

54.220

$0.196

$0.105

$0.176

.90

03/03/14

54.288

$0.196

$0.105

$0.175

.89

Peanuts

03/10/14

0.952

$0.046

$0.027

$0.024

.52

03/03/14

0.950

$0.046

$0.027

$0.024

.51

Rice

03/10/14

2.298

$0.062

$0.042

$0.117

1.87

03/03/14

2.288

$0.062

$0.042

$0.116

1.88

Sorghum

03/10/14

5.793

$0.277

$0.177

$0.359

1.29

03/03/14

5.791

$0.277

$0.177

$0.357

1.29

Soybeans

03/10/14

67.458

$2.492

$1.535

$1.154

.46

03/03/14

67.447

$2.492

$1.535

$1.139

.46

Burley Tobacco

03/10/14

0.064

$0.021

$0.012

$0.020

.98

03/03/14

0.064

$0.021

$0.012

$0.017

.84

Flue-Cured Tobacco

03/10/14

0.220

$0.047

$0.027

$0.079

1.66

03/03/14

0.220

$0.047

$0.027

$0.078

1.66

Wheat

03/10/14

48.584

$1.981

$1.249

$2.253

1.14

03/03/14

48.559

$1.980

$1.248

$2.251

1.14

TOTAL

03/10/14

295.724

$11.784

$7.282

$11.331

.96

03/03/14

295.615

$11.776

$7.276

$11.183

.96

 

Comments: Payouts continue to rise slowly as is typical for this time of year, with the readings now around $500 million away from the projected total payouts for 2013 crops of $11.9 billion.

 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close