U.S. Crop Insurance Payouts for 2012 Crops Reach $6.3 Billion

November 29, 2012 06:11 AM

Via a special arrangement with Informa Economics, Inc.

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Corn still accounts for more than half of the indemnities.

U.S. crop insurance indemnities for 2012 crops reached $6.27 billion as of Nov. 26, according to Risk Management Agency (RMA) data.

The tally for 2012 crops has finally passed where 2011-crop indemnities stood at this point a year ago and will keep climbing. Payouts for 2011 eventually hit a record $10.834 billion, and expectations are that the 2012 payouts will end up setting a new record of around $20 billion.

U.S. corn indemnities reached $3.5 billion, far ahead of other crops with wheat, soybeans and others still under $700 million.

Here's a look at the indemnities on a U.S. basis:

 11 29 12 IndemnitiesMap


11 29 12 IndemnitiesChart

PERSPECTIVE: The above figures continue to underscore why crop insurance remains a focus in Washington, especially as that program is being eyed even closer as one of the key farm program tools in the future.

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