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Crop Insurance Indemnities Over $1.8 Billion for 2015 Crops

Crop Insurance Indemnities Over $1.8 Billion for 2015 Crops

U.S. crop insurance indemnities stand at $1.848 billion as of Sept. 14, up nearly $800 million over the past month, according to Risk Management Agency (RMA) data.

Not surprisingly, wheat remains the crop with the largest payouts, largely due to most of the 2015 wheat harvest being complete and losses being more known than is the case with spring planted crops. Wheat accounts for 44% of the payouts so far for 2015 crops, below the percentage seen at this point a year-ago for 2014 crops when indemnities accounted for 51% of the payouts.

Overall indemnities for 2015 crops at $1.848 billion are also behind year-ago marks when there were $2.734 billion paid out to producers. Payouts on corn of $303 million this year are just ahead of 2014-crop indemnities which were at $298 million.

Crop

Week Ending

Net Acres Insured
(million)

Premiums Paid
(Billion dollars)

Subsidy
(Billion dollars)

Indemnities
(Billion dollars)

Loss Ratio

Corn

09/14/15

77.595

$3.654

$2.226

$0.303

.08

08/17/15

72.925

$3.429

$2.086

$0.132

.04

Cotton

09/14/15

10.759

$0.643

$0.449

$0.098

.15

08/17/15

10.173

$0.615

$0.428

$0.067

.11

Pasture & Rangeland

09/14/15

54.691

$0.216

$0.116

$0.050

.30

08/17/15

54.741

$0.217

$0.116

$0.045

.21

Peanuts

09/14/15

1.469

$0.071

$0.043

$0.002

.03

08/17/15

1.382

$0.067

$0.041

$0.000

.00

Rice

09/14/15

2.608

$0.068

$0.041

$0.095

1.38

08/17/15

2.298

$0.061

$0.037

$0.053

.87

Sorghum

09/14/15

6.708

$0.253

$0.165

$0.018

.07

08/17/15

6.352

$0.241

$0.156

$0.010

.04

Soybeans

09/14/15

73.554

$2.079

$1.291

$0.250

.12

08/17/15

68.834

$1.944

$1.205

$0.085

.04

Burley Tobacco

09/14/15

0.069

$0.025

$0.014

$0.002

.08

08/17/15

0.063

$0.024

$0.013

$0.0003

.01

Flue-Cured Tobacco

09/14/15

0.214

$0.048

$0.027

$0.001

.03

08/17/15

0.202

$0.045

$0.026

$0.001

.03

Wheat

09/14/15

46.303

$1.268

$0.800

$0.816

.64

08/17/15

45.697

$1.253

$0.790

$0.549

.44

TOTAL

09/14/15

296.044

$9.654

$6.014

$1.848

.19

08/17/15

283.489

$9.172

$5.709

$1.083

.12

Comments: Indemnities were at $10 billion or more over the 2011 to 2013 crop year period, failing to top that mark for 2014 crops, but not by much as they totaled $9.079 billion with a loss ratio of .90. The 2014 loss ratio was the lowest since it stood at .91 for 2011 crops.

(Source – http://www.profarmer.com/article/crop-insurance-indemnities-over-18-billion-for-2015-crops-NAA-jim-wiesemeyer/)

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