Details on RMA Crop Insurance Premium Adjustments for 2013 Crops

November 29, 2012 02:26 AM
 

Via a special arrangement with Informa Economics, Inc.


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


Changes for corn, grain sorghum, cotton, rice, soybeans and spring wheat.

USDA's Risk Management Agency (RMA) has announced adjustments to premium rates for corn, soybeans, cotton, rice, grain sorghum and spring wheat for the 2013 crop year.

Following are national highlights of the changes announced (see accompanying maps for details):

  • For corn, grain sorghum, and cotton, increases in premium rates in some areas generally offset the decreases in others for little net change at the national level.
  • For rice and soybeans, there is an overall decrease of 8% and 6%, respectively.
  • For spring wheat, there is an overall increase of 4%.

 

These premium impact estimates are based on the 2012 book of business, according to RMA. "In general, premium is more likely to decrease in core growing areas and increase elsewhere," the agency said.

The premium rate changes are being driven by the recommendations of a rate study that was completed in 2011. The results of that study drove premium shifts for 2012-crop corn and soybeans. In making the announcement last November, USDA said that additional changes for 2013 crops would be coming.

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