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Crop Insurance Losses May Be Less Than Feared

Although crop insurance losses in 2012 due to drought conditions amount to a record $14.2 billion, and are continuing to climb, total losses will still be less than the $16 billion projected by the Congressional Budget Office last summer, industry officials say...
February 21, 2013

Although crop insurance losses in 2012 due to drought conditions amount to a record $14.2 billion, and are continuing to climb, total losses will still be less than the $16 billion projected by the Congressional Budget Office last summer, industry officials say. The CBO is now projecting total indemnities, including the taxpayer-funded portion of those losses, will be much lower than crop-insurance critics warned about over the summer.

The comments were made by Tom Zacharias, President of National Crop Insurance Services (NCIS), a trade association representing crop insurers, at the annual crop insurance convention held by National Crop Insurance Services and the American Association of Crop Insurers (AACI). PIA National Crop Insurance Working Group members Larry McGillis and Kent Olson attended the convention. McGillis is chairman of the AACI Agents Council.

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