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Number of Crop Insurance Policies Purchased Tops 1 Million

Number of Crop Insurance Policies Purchased Tops 1 Million

National Crop Insurance Services places sold policy tally at 1.1 million

According to the National Crop Insurance Services, more than 1.1 million crop insurance policies have been processed through participating companies and the Risk Management Agency as of Aug.19, 2013.

Those policies protect more than 278 million acres representing more than $114 billion in liabilities, accounting for $4.2 billion in farmer paid premium, NCIS said.

In 2012, farmers invested more than $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops.

National Crop Insurance Services places sold policy tally at 1.1 million

Crop insurance policies protected more than 281 million acres in 2012, with insured acreage equal to 86% of planted cropland. To date, Iowa, Kansas, Illinois, Nebraska and Minnesota lead the way in the number of crop insurance policies purchased.

Since 2000, farmers have spent more than $30 billion out of their own pockets to purchase crop insurance.

Source: NCIS

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