Crop Insurance Payouts Close in on $11 Billion for 2013 Crops

February 26, 2014 12:18 AM
 

via a special arrangement with Informa Economics, Inc.

Corn indemnities rise to over $5 billion


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


In reIndemnities for 2013 crop losses reached $10.991 billion as of Feb. 24, moving the 2013-crop payouts to second highest level on record for the program, according to Risk Management Agency (RMA) data.

Corn indemnities moved to $5.097 billion, continuing to lead all commodities, with payouts for soybeans ($1.117 billion) and wheat ($2.248 billion) also atop $1 billion for the 2013 crop year.

2013 Crops

Week Ended

Net Acres Insured
(million)

Premiums Paid
(Billion dollars)

Subsidy
(Billion dollars)

Indemnities
(Billion dollars)

Loss Ratio

Corn

02/24/14

84.717

$4.682

$2.824

$5.097

1.09

02/17/14

84.665

$4.679

$2.823

$4.912

1.05

Cotton

02/24/14

9.848

$0.675

$0.442

$0.941

1.39

02/17/14

9.843

$0.675

$0.442

$0.922

1.37

Pasture & Rangeland

02/24/14

53.858

$0.194

$0.104

$0.169

.87

02/17/14

53.742

$0.194

$0.104

$0.157

.81

Peanuts

02/24/14

0.948

$0.046

$0.027

$0.023

.50

02/17/14

0.949

$0.046

$0.027

$0.022

.48

Rice

02/24/14

2.287

$0.062

$0.042

$0.115

1.87

02/17/14

2.286

$0.062

$0.042

$0.114

1.85

Sorghum

02/24/14

5.730

$0.277

$0.177

$0.355

1.28

02/17/14

5.799

$0.277

$0.177

$0.353

1.27

Soybeans

02/24/14

67.440

$2.492

$1.535

$1.117

.45

02/17/14

67.400

$2.490

$1.534

$1.087

.44

Burley Tobacco

02/24/14

0.064

$0.021

$0.012

$0.015

.70

02/17/14

0.065

$0.021

$0.012

$0.013

.61

Flue-Cured Tobacco

02/24/14

0.220

$0.047

$0.027

$0.078

1.65

02/17/14

0.220

$0.047

$0.027

$0.077

1.63

Wheat

02/24/14

48.562

$1.980

$1.248

$2.248

1.14

02/17/14

48.555

$1.979

$1.248

$2.245

1.13

TOTAL

02/24/14

295.230

$11.774

$7.275

$10.991

.93

02/17/14

294.999

$11.767

$7.272

$10.719

.91


Comments: The 2013 payouts passed the 2011 total of $10.867 billion but still remain below the record indemnity level seen for 2012 which stands at $17.429 billion. A year ago, 2012 payouts stood at $14.652 billion.


 

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


 


 

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