Indemnity checks flow to farmers
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. As of March 4, 2013, more than $15.4 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.
· $28.6 billion: The amount of money farmers have spent out of their own pockets to purchase the protection of crop insurance in the past decade.
· Illinois has the highest loss ratio at 3.55.
· 19 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, Wyoming, Michigan and Ohio.
· Nationally, the loss ratio is 1.39.