Crop Insurance Payouts for 2011 Crops Near $10.5 Billion

April 4, 2012 07:26 AM
 

Indemnities for the crop insurance program on 2011 crops are closing in on $10.5 billion, according to data from the Risk Management Agency (RMA), reaching $10.484 billion for the week ended April 2.

The total indemnities for 2011 crops continues to edge closer and closer to the $11 billion mark projected by RMA officials last fall.

Here's a look at the data for key crops:

04 04 12 Img1

For 2012, data continues to show that slightly more policies have been sold for the coming crop season, but the levels for rice remain below other major commodities. And, unlike other major commodities such as corn, soybeans and wheat, yield protection (YP) is the primary coverage purchased vs risk protection (RP). Of 15,660 policies sold, 10,681 are for YP in rice. Corn producers, for example have purchased a total of 538,737 policies for 2012 production, of which 405,265 are RP.

Based on data so far, net acres insured for 2012 stand at 83.017 million, ahead of where 2011 crops stood at this point one year ago - 80.311 million. Total net acres insured for 2011 are at 265.199 million.

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