Federal Crop Insurance News

Private Crop Insurers Win As Taxpayers Lose in New Farm Program, Say Critics

U.S. farmers last week finalized their crop insurance plans for spring planting with critics of the government-subsidized program saying insurers are set up for a bonanza after passage of the new five-year farm bill last month. Farmers who sign up for crop insurance by March …

Farmers Told to Expect Crop Insurance Program to Expand

The federal crop insurance program is expected to expand in 2014, a U.S. Department of Agriculture (USDA) official told farmers at the American Farm Bureau Federation’s annual convention. Tim Hoffmann, director of product administration and standards for the Risk Management …

Environmental Group Says $7.8 Billion Wasted by Crop Insurance Program

A report commissioned by the Environmental Working Group (EWG) says that the federal crop insurance program over-compensated Corn Belt farmers by $7.8 billion during the 2012 drought.  Insurance payouts that year totaled $14 billion whereas $6.2 billion would have been …

Critics Say Taxpayers’ $14B Guarantees Profit for Crop Insurers

Former American International Group Inc. chief Maurice “Hank” Greenberg has a new business partner: the U.S. taxpayer. Greenberg’s Starr Indemnity & Liability Co. is one of 18 companies approved to get federal cash for insuring farmers against loss of crops …

Crop Insurance: A Growing Problem in Time of Record Farm Profits

A Depression-era program intended to save the nation’s farmers from ruin has grown into a 21st- century crutch enabling affluent growers and financial institutions to thrive at U.S. taxpayer expense. Federal crop insurance encourages farmers to gamble on risky plantings …

Senate Leader Reid Rules Out Extending Current Farm Law

The Republican-controlled U.S. House of Representatives needs to solve its farm bill impasse by enacting the Senate’s bipartisan bill, Majority Leader Harry Reid said on Monday, warning that the Democrat-run Senate will not extend current law again. The House defeated …

Opponents Doubt Savings Promised By Farm Bill

A drop in the price of corn, rice and other crops may trigger so much additional aid to farmers under a bill being considered by the U.S. House that it would wipe out the bill’s projected savings in crop subsidies, …

Feds Bust $100M North Carolina Crop Insurance Fraud Scheme

Federal investigators have unraveled a massive scheme among dozens of insurance agents, claims adjusters, brokers and farmers in eastern North Carolina to steal at least $100 million from the government-backed program that insures crops. Authorities say the ongoing investigation is …

Cut Crop Insurance Subsidy by $40 Billion, Say Fiscal Conservatives

A coalition of fiscal conservatives on Tuesday called for a steep cut in federal subsidies for crop insurance, setting up a clash with U.S. farm groups that see the program as their top priority in a new farm bill. Growers …

Federal Crop Insurance Board Gets 4 New Directors

Agriculture Secretary Tom Vilsack recently named four new members of the Federal Crop Insurance Corp. (FCIC) board of directors. The new appointees are James Bardenhagen, Iris Saenz, John F. Finston, and Kenneth Ray Sneed. They joined the FCIC board in …