Ag in the AM: Insurance Payouts Hit Record for Farmers

Posted on: 7:54 am, May 17, 2012, by

OVERLAND PARK, Kansas – Insurance payments for damage done last year to America’s farms could top out at more than 11-billion dollars. 

Western Iowa flooding last year was just one of the struggles farmers faced last year.

A National Crop Insurance Services report shows weather-related crop loss insurance payments are already just shy of 11-billion dollars and growing.  It’s a 25-percent increase from the record set during the 2008 flood year.

Agriculture.com reports corn farmers suffered the biggest losses.

Crop Insurance Services says for every dollar purchased in coverage, 90 cents was paid out in indemnities.