Producers of 2011 crops have received $9.428 billion in indemnities under the crop insurance program for the week ended Jan. 30, as the record for payouts under the program continues to rise.
So far, the program continues to operate at less than a 1.0 loss ratio, but for the current week, that figure has now reached .79, according to Risk Management Agency (RMA) data.
Here's a look at payouts by commodity:
The continued increases are mostly coming in corn and soybeans as claims continued to roll in and much of the payouts are coming under risk protection policies in those commodities.
On a state basis, the drought in Southern Plains states is evident in payouts, as Texas leads all states with over $2.4 billion in indemnities with two others seeing more than $1 billion paid out - North Dakota ($1.5 billion) and Kansas ($1.02 billion).
Here's a look at the top 10 states where more nearly three-quarters of the payouts have been made:
For 2011 crops, producers covered 264.384 million net acres under the program compared to 256.261 million net acres covered for 2010 crops.
For 2012, producers have already obtained coverage on a net 77.775 million acres.