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.


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


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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