Crop Insurance Today May 2015 - (Page 16)

Table 5. Insured Acres by Major Crop1 CROP 2012 2013 2014 CHANGE % CHANGE Wheat Corn Sorghum Soybeans Upland Cotton Pasture, Range and Forage Total of above crops Total of all crops 46,566 81,449 4,682 65,193 11,430 48,259 257,579 282,678 48,646 84,879 5,805 67,494 9,909 54,278 271,011 296,088 47,918 78,973 5,300 73,809 10,359 52,778 269,137 294,590 -728 -5,906 -505 6,315 450 -1,500 -1,874 -1,498 -1.5 -7.0 -8.7 9.4 4.5 -2.8 -0.7 0.5 1 Data as of 4/20/2015 Source: RMA Summary of Business pasture, range and forage was also notable, as that plan of insurance has attracted increasing participation in recent years. Perhaps the better weather in 2013 and lower prices and farm incomes in 2013 and 2014 motivated the slight reduction in insured acres. Even though lower prices and price volatilities reduced premiums, the fact that the lower crop prices reduced U.S. farm cash receipts by 16 percent between 2012 and 2014, may have caused some producers to find further ways to trim their production expenses. Iowa was the number one state in indemnities in 2014, which were nearly double their total premiums (Table 6). Minnesota was number two, and its claims were more than double premiums. Losses in these two states were mainly due to excess moisture and declines in prices. Texas, Kansas and North Dakota rounded out the top five states in total claims. Among crops, corn led with $3.8 billion in indemnities, exceeding its level of premiums. Wheat, soybeans, cotton and PRF followed corn in total claims. Rice, ELS cotton and peanuts made it into the top 10 in claims, which is unusual. Rice was stressed in Mississippi in 2014 but losses in California accounted for the bulk of the problems. ELS cotton losses were also mainly in California and the 2014 dry weather in Georgia accounted for the large peanut claims. The map in Figure 14 shows the state loss Figure 14. 2014 MPCI Premium and Loss Ratios All Plans Combined, as of April 13,2015 Total Loss Ratio (0-0.25) (0.25-0.5) (0.5-0.75) (0.75-1) (1-1.25) (1.25-3) 16 MAY2015 PREM (0-10,000,000) (10,000,000-100,000,000) (100,000,000-250,000,000) (250,000,000-750,000,000) (750,000,000-1,200,000,000) ratios as of April 13, identified by their level and similarity. Nevada had the highest loss ratio but premium was only $8 million. Minnesota, which was second in claims had the second highest loss ratio at 2.11, with the top five rounded out by Oklahoma,1.90; Iowa, 1.86; and New Mexico, 1.08. The data show nine states with loss ratios over 1.0. Total indemnities in these nine states were $4.3 billion, 49 percent of the total U.S. payout. The five lowest loss ratio states were, in order, Delaware, 0.11; Maine, 0.21; Maryland, 0.21; South Dakota, 0.25; and Missouri, 0.27. By crop, the highest loss ratios were for ELS cotton, 2.66; olives, 2.47; macadamia nuts, 2.40; burley tobacco, 2.08, followed by pistachios and cul- Figure 15. California Drought Crop Insurance Experience State Insured Crops & Area, 2014 Crops Fruits/Trees/Nuts Vegetables Field Crops/Other Total Data as of 4/20/2015 Acres, Premium Mil. Mil. $ 2.00 0.36 4.39 6.75 276 19 94 389 Loss Ratio 0.78 0.59 2.01 1.06

Crop Insurance Today May 2015

Table of Contents for the Digital Edition of Crop Insurance Today May 2015

“Leg Godt,” or as the Danes would say, “Play Well” (Legos and Crop Insurance)
2014 Year in Review
Florida Hosts Industry Leaders
Four Presented with Industry Awards
Dean Benson Receives Outstanding Service Award
Jeff Meyer Receives NCIS Industry Leadership Award
NCIS Hosts Committee Leaders
Crop Insurance in Action Kiodette and Rich Stroh, Powell, Wyoming
Crop Insurance Today May 2015 - Cover1
Crop Insurance Today May 2015 - Cover2
Crop Insurance Today May 2015 - “Leg Godt,” or as the Danes would say, “Play Well” (Legos and Crop Insurance)
Crop Insurance Today May 2015 - 2
Crop Insurance Today May 2015 - 3
Crop Insurance Today May 2015 - 2014 Year in Review
Crop Insurance Today May 2015 - 5
Crop Insurance Today May 2015 - 6
Crop Insurance Today May 2015 - 7
Crop Insurance Today May 2015 - 8
Crop Insurance Today May 2015 - 9
Crop Insurance Today May 2015 - 10
Crop Insurance Today May 2015 - 11
Crop Insurance Today May 2015 - 12
Crop Insurance Today May 2015 - 13
Crop Insurance Today May 2015 - 14
Crop Insurance Today May 2015 - 15
Crop Insurance Today May 2015 - 16
Crop Insurance Today May 2015 - 17
Crop Insurance Today May 2015 - 18
Crop Insurance Today May 2015 - 19
Crop Insurance Today May 2015 - 20
Crop Insurance Today May 2015 - 21
Crop Insurance Today May 2015 - 22
Crop Insurance Today May 2015 - 23
Crop Insurance Today May 2015 - Florida Hosts Industry Leaders
Crop Insurance Today May 2015 - 25
Crop Insurance Today May 2015 - 26
Crop Insurance Today May 2015 - 27
Crop Insurance Today May 2015 - 28
Crop Insurance Today May 2015 - 29
Crop Insurance Today May 2015 - Four Presented with Industry Awards
Crop Insurance Today May 2015 - 31
Crop Insurance Today May 2015 - 32
Crop Insurance Today May 2015 - Dean Benson Receives Outstanding Service Award
Crop Insurance Today May 2015 - 34
Crop Insurance Today May 2015 - 35
Crop Insurance Today May 2015 - Jeff Meyer Receives NCIS Industry Leadership Award
Crop Insurance Today May 2015 - 37
Crop Insurance Today May 2015 - NCIS Hosts Committee Leaders
Crop Insurance Today May 2015 - 39
Crop Insurance Today May 2015 - 40
Crop Insurance Today May 2015 - 41
Crop Insurance Today May 2015 - 42
Crop Insurance Today May 2015 - Crop Insurance in Action Kiodette and Rich Stroh, Powell, Wyoming
Crop Insurance Today May 2015 - 44
Crop Insurance Today May 2015 - Cover3
Crop Insurance Today May 2015 - Cover4
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