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Crop Insurance Payouts for Drought Reach $14.7 Billion

Crop insurance policies have paid out more than $14.7 billion as of Feb. 18 related to losses from the 2012 drought, according to National Crop Insurance Services (NCIS)...
March 8, 2013

Crop insurance policies have paid out more than $14.7 billion as of Feb. 18 related to losses from the 2012 drought, according to National Crop Insurance Services (NCIS). Illinois’ loss ratio of 3.23 is the highest in the country and exceeds the national loss ratio of 1.33, and 17 states currently have loss ratios above 1.05. In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops. Crop insurance policies protect more than 281 million acres of planted land. Farmers have spent $28.6 billion out of their pockets to purchase the protection of crop insurance in the past decade.

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