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EXPLOSIVE GROWTH IN CROP INSURANCE REPORTED
Jan. 29, 2014
Red River Farm Network reports:
At the Crop Insurance Conference in Fargo, ND, Monday, a lobbyist for the Crop Insurance and Reinsurance Bureau offered a perspective about the growth of crop insurance since 1998.
Tara Smith said acreage covered by crop insurance expanded by 100 million acres from 1998 to 2012. Total premiums jumped from $1.8 billion, to $11.1 billion.
Farmer-paid premiums climbed from $929 million to over $4 billion.
The government subsidy has increased from $28 billion in 1998, to $117 billion in 2012.
Another big change is ad hoc disaster assistance, which went from approximately $6 billion in 1998 to zero in 2012.
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