Farmers who grow fresh fruits and vegetables are often finding crop insurance prohibitively expensive — or even unavailable — as climate change escalates the likelihood of drought and floods capable of decimating harvests.
Tag: crop insurance
U.S. Crop Insurance Provides Billions in Profit for Insurers: Government Agency
Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government watchdog’s report released on Monday.
U.S. Crop Writers Post Record-High Premium Growth on Rising Commodity Prices and Innovation
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9 billion, an increase of nearly 40% over the previous year, according to an AM Best report. The new Best’s Market Segment Report, titled, “U.S. Crop Writers Benefit From Rising Commodity Prices and Innovation,” also states that private… Continue reading U.S. Crop Writers Post Record-High Premium Growth on Rising Commodity Prices and Innovation
Pandemic Cover Crop Program Offers Insurance Discounts
Agricultural producers covered by most crop insurance policies are eligible for a premium benefit from the United States Department of Agriculture if cover crops are planted in 2022. Producers must report acreage by March 15, 2022 in order to benefit from this year’s pandemic cover crop program. The program offers a $5 per acre discount… Continue reading Pandemic Cover Crop Program Offers Insurance Discounts
U.S. Crop Insurance Payouts Rise Sharply As Climate Change Worsens Droughts, Floods
Insurance payments to U.S. farmers for crops lost to droughts and flooding have risen more than threefold over the past 25 years, according to an analysis of federal data by the Environmental Working Group (EWG) released on Thursday. The report reinforces concerns that insuring the nation’s crops will get more expensive for insurance companies, farmers… Continue reading U.S. Crop Insurance Payouts Rise Sharply As Climate Change Worsens Droughts, Floods
USDA Strengthening Crop Insurance for Hemp Producers
The United States Department of Agriculture (USDA) is improving crop insurance for hemp in response to producer feedback. The USDA’s Risk Management Agency (RMA) is strengthening the hemp crop insurance policy by allowing producers to work more freely with processors and by improving consistency with the most recent USDA hemp regulation. “We are working with… Continue reading USDA Strengthening Crop Insurance for Hemp Producers
Zurich Expands Its Precision Agri Services
Zurich North America today announced that its crop insurance business – Rural Community Insurance Services (RCIS) – is now connected to the popular farm data management software, John Deere Operations Center through John Deere’s API Services. The connection expands RCIS’ existing precision agriculture offerings and allows farmers insured through RCIS to electronically connect their field… Continue reading Zurich Expands Its Precision Agri Services
California Winemakers Are Racing to Salvage their Grape Harvests Before Wildfires Destroy Them
After four years of worsening fire conditions, California winemakers have been forced to make a difficult decision: salvage what they can before smoke ruins their grapes or lose the crops and hope insurance will cover the losses. Since August 15, over 1.6 million acres in California have burned — an area about the size of… Continue reading California Winemakers Are Racing to Salvage their Grape Harvests Before Wildfires Destroy Them
Sompo International to Acquire Diversified Crop Insurance Services
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it will acquire Diversified Crop Insurance Services (“Diversified”), a subsidiary of CGB Enterprises, Inc. (CGB). The addition of Diversified to Sompo International’s existing global AgriSompo platform, which already includes ARMtech, currently the 6th largest underwriter of U.S.,… Continue reading Sompo International to Acquire Diversified Crop Insurance Services
Climate Change Could Add Around $100B to Costs of Extreme Weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves and droughts by 2040, research from Cambridge University shows. The findings come from the university’s Climate Change Business Risk Index, which uses climate modeling data to quantify extreme weather event risks and… Continue reading Climate Change Could Add Around $100B to Costs of Extreme Weather