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
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Crop Insurance Today May 2015 - Florida Hosts Industry Leaders
Crop Insurance Today May 2015 - 25
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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
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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
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