Agricultural News
Crop Insurance Indemnity Checks Flow to Farmers
Thu, 21 Feb 2013 12:35:15 CST
As the claims come in from one of the worst droughts in decades, farmers and ranchers across the country are receiving indemnity payments for the losses they have incurred, according to the latest newsletter from National Crop Insurance Services.
As of February 18, more than $14.7 billion has been sent to farmers. Farmers will invest more than $4.1 billion to purchase more than 1.2 million crop insurance policies.
In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops.
Crop insurance policies protect more than 281 million acres of planted land.
Farmers have spent $28.6 billion out of their own pockets to purchase the protection of crop insurance in the past decade.
Seventeen states have loss ratios exceeding 1.05 - meaning that for every $1 paid in premiums, companies are paying out $1.05 in indemnities. These states include: Illinois, Missouri, Kentucky, Nebraska, Iowa, Indiana, Kansas, South Dakota, New Mexico, New Hampshire, New York, Wisconsin, Texas, Colorado, Massachusetts, Tennessee and Wyoming.
Illinois has the highest loss ratio in the country at 3.23.
Nationally, the loss ratio is 1.33.
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