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Crop Insurance Payout Hits a Record $11.6 Billion in 2012

Crop insurers have paid a record $11.6 billion to U.S. growers in compensation for losses due largely to widespread drought in 2012, the first money-losing year for the industry in a decade...
January 24, 2013

Crop insurers have paid a record $11.6 billion to U.S. growers in compensation for losses due largely to widespread drought in 2012, the first money-losing year for the industry in a decade. On Jan. 16, the U.S. Agriculture Department said in an update of business done through the federally subsidized crop insurance program that indemnities topped $11.58 billion. The most recent year in which payments exceeded premiums was 2002. Some 85 percent of eligible farm land, 281 million acres, was covered by $116 billion worth of policies in 2012, setting a high for coverage.

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