Crop Insurance - Every year farmers face the threat of...

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Unformatted text preview: Every year farmers face the threat of damage to crops: Drought Hail Flood Insects Natural disasters Similar To Common Insurance Products Protect Against Losing $ / Bankruptcy Risk Management Tool United States supports agricultural sector through variety of programs: Commodity Policies Income Support Programs Price Support Programs Commodity-Related Trade Measures Other Commodity-Based Programs Agri-Environmental Programs Food Assistance Programs Rural Development Programs Other Commodity-Based Programs Ad hoc Disaster Assistance Programs Market Loss Assistance Programs Trade Adjusting Assistance Subsidized Crop and Revenue Insurance Federal program (RMA) Uses tax dollars to pay claims Premiums paid to the treasury AND Private Crop Insurance vendors Administrators Receive a fee Great American, Rain and Hail, Farmers Mutual, Country Companies, Farm Credit > 75% of Midwest farmers buy insurance coverage for corn and soybeans Corn Soybeans Hail 10.21% 17.3% Yield 37.0% 41.7% Revenue 52.7% 41.0% Actual Production History (APH) 4 year historical average...
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Crop Insurance - Every year farmers face the threat of...

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