Via a special arrangement with Informa Economics, Inc.
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Payouts have already topped the previous record by $700 million.
U.S. crop insurance indemnities for 2012 crops set a new record of $11.581 billion as of Jan. 14, some $700 million above the prior record which was set for 2011 crops, according to Risk Management Agency data.
In addition, the record payout mark also moved the indemnities past the level of premiums paid into the program, pushing the loss ratio to 1.05 so far. And, with claims continuing to rise, the program will see that ratio rise as well.
The following table compares indemnities as of Jan. 14 for 2012 and 2011 crops:
Comments: Now the watch will be on how high payouts on 2012 crops go, with most expecting around $15 billion to $16 billion, down from some early expectations that indemnities could rise to $20 billion or more.