Crop insurance indemnities reach over $11-billion on 2013 crops
Crop insurance indemnities have pushed to $11.473 billion for 2013 crops with the loss ratio at 0.98, according to Risk Management Agency (RMA) data for the week ended March 24. The loss ratio of 0.98, however, is still behind the 2012 crop mark of 1.57 but ahead of the 2011 crop loss ratio of 0.91. The loss ratio is calculated by comparing the total indemnities against total premiums paid into the program. Corn payouts are nearing $5.45 billion, accounting for nearly 48% of the total indemnities for 2013 crops. Corn accounts for more than 28% percent of net acres insured with soybeans next at nearly 23% and pasture and rangeland at just over 18% and wheat at just over 16%.
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