The first time in the history of indemnity payments totaled $9 billion
U.S. – compensation payments for the first time in history exceeded $ 9 billion. National Crop Insurance Services (NCIS) noted that the payments made to farmers for crop damage compensation in 2011 will continue to rise.
Farmers face very difficult challenges in 2011 and crop insurance have increased the number reached a record. The value reached $ 9.1 billion could exceed $ 10 billion as a claim that has not been resolved. in 2008 reached a record of $ 8.67 billion.
“Thanks to the thoroughness of Congress, has been used for crop insurance indemnity losses and help farmers to grow again survive another year,” said Tom Zacharias, president of NCIS. Since 2008, more than $ 27 billion dollars from the private sector crop insurance companies have been granted to farmers across the country to the policies they buy.
Zakaria notes that during the same period, crop insurance has borne more than $ 12 billion by trimming federal investment even when exposed to the risk that continues to increase. “Two of the last four years has shown the biggest compensation payment in the history of the National Crop Insurance Services, while the crop insurance industry is expected to do more with less funding,” said Zakaria. “The industry is becoming more streamlined and efficient as it continues to meet the risk management needs of U.S. farmers.
