Federal Crop Insurance News

Farm Bill Costs Soar Despite Great Harvest

U.S. farmers are about to reap a bumper harvest not just in corn and soybeans but also in new subsidies that could soar to $10 billion, blowing a hole in the government’s promise that its new five-year farm bill would …

Viewpoint: Costs Bury Insurance Savings Promised in Farm Bill

When does a $23 billion spending cut result in no savings at all? When it’s part of the U.S. farm bill. Just a few weeks ago, the newest bill — a grab bag of subsidies for farmers and federal nutrition …

Deere Mulls Sale of Crop Insurance Business

Deere & Co., the world’s largest maker of agricultural equipment, hired Citigroup Inc. to look at strategic options for its crop insurance unit as it sells assets to focus on core businesses such as manufacturing. No formal decision has been …

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, …