University Extension/Department of Economics Crop Insurance USDA Ag Outlook Forum Washington, DC Feb. 24, 2011 Chad Hart Assistant Professor/Grain Markets.

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Presentation transcript:

University Extension/Department of Economics Crop Insurance USDA Ag Outlook Forum Washington, DC Feb. 24, 2011 Chad Hart Assistant Professor/Grain Markets Specialist

University Extension/Department of Economics Federal Crop Insurance

University Extension/Department of Economics Federal Crop Insurance Federal Crop Insurance Corporation – 1938 Governments initial move in crop insurance Federal Crop Insurance Act of 1980 Premium subsidies Federal Crop Insurance Reform Act of 1994 Catastrophic coverage and higher subsidies Agricultural Risk Protection Act of 2000 The 2008 Farm Bill

University Extension/Department of Economics Why Crops Fail

University Extension/Department of Economics Federal Crop Insurance: A Public/Private Partnership The Federal Government works with private insurance companies to offer crop insurance. Since 1998, all federal crop insurance products are sold and serviced by private companies. The Federal Government sets and/or approves premium rates and insurance terms. Both entities share risks and returns from crop insurance.

University Extension/Department of Economics Product Innovation Agricultural insurance products developed by private companies, reviewed and approved by FCIC Examples: Crop Revenue Coverage (CRC) Revenue Assurance (RA) Income Protection (IP) Group Risk Income Protection (GRIP) Livestock Risk Protection (LRP) Livestock Gross Margin (LGM)

University Extension/Department of Economics Federal Crop Insurance: Total Acres Insured

University Extension/Department of Economics Livestock Insurance: Liability

University Extension/Department of Economics Expenses and Risk Sharing

University Extension/Department of Economics … & Performance

University Extension/Department of Economics Premium Subsidies

University Extension/Department of Economics Insurable Risks? Costs of Production Livestock Production Livestock Disease Outbreaks/Quarantines Multi-year Coverage Agroterrorism

University Extension/Department of Economics A Successful Partnership

University Extension/Department of Economics Thank you for your time! Any questions?