News Archive

2010

June

Vilsack proposes crop insurance cuts
Jerry Hagstrom, AgWeek — June 29, 2010
WASHINGTON — Will a $4 billion cut in the cost of crop insurance in 10 years be enough for Agriculture Secretary Tom Vilsack to fight off pressures within the Obama administration to make other cuts in USDA programs?...

Schumer pushes for insurance expansion to encourage Chenango farmers to grow soybeans
Melissa Stagnaro, Evening Sun — June 29, 2010
WASHINGTON, DC – Senator Charles Schumer is pushing the USDA to expand soybean crop insurance to 14 upstate counties, including Chenango....

Insurance professionals oppose USDA crop insurance plan
Farm Industry News — June 28, 2010
The USDA recently released the final draft of a new crop insurance agreement that it claims will save $6 billion in federal spending. However, the Crop Insurance Professionals Association opposes the draft and has proposed an alternative that it says "would save taxpayers and farmers money without crippling the crop insurance infrastructure and harming growers."...

Collins: ACRE inadequate substitute for insurance
Illinois Farm Bureau — June 24, 2010
Even a new, improved ACRE can’t replace current producer crop insurance protections, former USDA chief economist Keith Collins told FarmWeek. ...

Crop Insurance (SRA); Biofuels; Trade; Climate Issues; Biotech; and Peanuts
Keith Good, FarmPolicy.com — June 24, 2010
Dan Looker reported earlier this week at AgricultureOnline that, "Last week members of the crop insurance industry met with USDA officials to try to understand the Obama Administration’s latest proposed reinsurance agreement with the industry. Tuesday, National Crop Insurance Services President Bob Parkerson said the industry has no choice but to accept the $6 billion cut in federal reimbursements for administrative costs over the next 10 years, if certain technical issues can be worked out. ...

U.S. Farmers May Face Subsidy Cuts, Peterson Says (Update1)
Alan Bjerga, Bloomberg Business Week, — June 24, 2010
(Bloomberg) -- Growers of corn, cotton and other crops may have to accept reduced subsidies in the next farm bill as budget-cutting becomes necessary to contain record deficits, House Agriculture Committee Chairman Collin Peterson said....

U.S. Farmers May Face Subsidy Cuts, Peterson Says (Update1)
Arthur Postal, National Underwriter Property & Casualty Insurance News — June 23, 2010
The nation’s crop insurers warned that the industry’s "back is against the wall" as they reiterated objections to a planned 30 percent cut to the federal crop program....

Crop Insurance (SRA); Animal Ag (Antibiotics); Climate Issues; Biofuels; and Regulation Issues
Keith Good, FarmPolicy.com — June 23, 2010
DTN Ag Policy Editor Chris Clayton reported yesterday (link requires subscription) that, “Crop insurance agents in the major Corn Belt states are going to take the biggest financial hits in a new contract between crop insurers and USDA. The agreement cuts expense reimbursements and underwriting gains to companies by $6 billion over the next 10 years....

Crop insurers brace for another round of USDA cuts
Dan Looker, Successful Farmin, — June 22, 2010
Last week members of the crop insurance industry met with USDA officials to try to understand the Obama Administration's latest proposed reinsurance agreement with the industry. Tuesday, National Crop Insurance Services President Bob Parkerson said the industry has no choice but to accept the $6 billion cut in federal reimbursements for administrative costs over the next 10 years, if certain technical issues can be worked out....

Crop insurers acquiescing to cuts
Philip Brasher, Des Moines Register Green Fields Blog — June 22, 2010
The nation’s 16 crop insurance companies are likely to agree to the Obama administration’s spending cuts in order to keep selling the policies, an industry representative says....

Crop Insurance Industry Disappointed With USDA Agreement
Wisconsin Ag Connection — June 21, 2010
The crop insurance industry is surprised that even after repeated requests by Congress, producers and the Industry, the Administration still plans to cut the crop insurance program by $6 billion over the next ten years. USDA's Risk Management Agency released its final draft of the Standard Reinsurance Agreement this month....

Crop Insurers Hope to Convince USDA to Backtrack on Insurance Pact
Insurance Net News — June 17, 2010
The group that represents U.S. crop insurers is preparing for a June 18 meeting with officials of the U.S. Department of Agriculture to hash out some disagreements over the latest draft of the Standard Reinsurance Agreement -- a draft the federal officials are calling final but that the insurers said they feel blindsided by....

$6 billion to be cut from crop insurance
Philip Brasher, Zanesville Times Recorder — June 17, 2010
Washington, D.C. -- The Obama administration is going forward with $6 billion in cuts to the federal crop insurance program that will slash agent commissions and company profits....

Farmers to face tough decisions about storm-damaged fields
Curt Slyder, Journal and Courier — June 17, 2010
OXFORD -- Farmers who experienced crop damage resulting from severe storms earlier this week will face choices in the next few days on how to proceed. ...

Parties meet tomorrow on USDA's final draft of crop insurance agreement
Bob Hoff, AgInfo.net (blog) — June 17, 2010
Farm and Ranch June 17, 2010 USDA and the crop insurance industry are meeting tomorrow to go over the government’s Final Draft Crop Insurance Agreement. The new Standard Reinsurance Agreement, or SRA, details the new terms, roles and responsibilities for both the USDA and insurance companies that participate in the Federal crop insurance program....

Crop Insurance (SRA); Conservation Issues; Hearings; Climate Issues; Biofuels; and Ag Economy
Keith Good, FarmPolicy.com — June 17, 2010
Yesterday on the AgriTalk Radio Program with Mike Adams, Risk Management Agency Administrator Bill Murphy and National Crop Insurance Services President Bob Parkerson, presented different perspectives on USDA’s release of the final draft of the 2011 Standard Reinsurance Agreement (SRA)....

Agent Groups Join NCIS Criticism Of Crop Insurance Program Cuts
Phil Gusman, National Underwriter Property And Casualty Insurance News — June 16, 2010
Agent associations have joined the National Crop Insurance Services’ (NCIS) criticisms of the Obama administration’s decision to cut the federal crop insurance program by $6 billion over the next 10 years....

BIG "I" Calls For Fair Crop Insurance Program Reform - RMA draft would weaken program; hurt America’s farmers, ranchers, local agencies and rural communities.
June 16, 2010
WASHINGTON, D.C., June 15, 2010 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) commented on the Risk Management Agency’s (RMA) third and final draft of the Standard Reinsurance Agreement (SRA) which determines the terms and conditions for the Administrative and Operating (A&O) reimbursements and underwriting gains for crop insurance companies....

Crop Insurance; Farm Bill; Ag - Rural Economy; Water Issues; Climate Issues; Biofuels; and USDA
Chris Clayton, DTN/The Progressive Farmer — June 15, 2010
OMAHA (DTN) -- Crop insurers are upset that USDA officials are not yielding on contract negotiations that would reduce payments to insurers by $6 billion over 10 years, but the leader of a trade association for crop-insurance companies appears resigned to the fact payment cuts are coming....

Crop Insurers Lament Contract Cut USDA Plans to Save $6 Billion With New Insurance Agreement
Keith Good, FarmPolicy.com — June 14, 2010
With respect to potential changes in farm policy, Jerry Lackey reported on Saturday at the Standard-Times Online (San Angelo, Texas) that, "During the recent U.S. House Committee on Agriculture field hearing in Lubbock, several West Texas farmers who testified expressed a need to strengthen federal crop insurance when the next farm bill is written."...

U.S. Crop-Insurance Subsidy Cut 'Frustrating,' Industry Says
Alan Bjerga, BusinessWeek — June 14, 2010
June 14 (Bloomberg) -- The president of the largest U.S. crop-insurance trade group said a government proposal to spend $6 billion less to subsidize farmer policies over 10 years “creates new financial risks” and undermines the industry....

$6 billion to be cut from crop insurance
Philip Brasher, Des Moines Register — June 11, 2010
Washington, D.C. — The Obama administration is going forward with $6 billion in cuts to the federal crop insurance program that will slash agent commissions and company profits. ...

Crop Insurance: USDA-SRA; Climate Issues; Farm Bill; Biofuels; and Trade
Keith Good, FarmPolicy.com — June 11, 2010
Bloomberg writer Alan Bjerga reported yesterday that, “Wells Fargo & Co., Ace Ltd. and other companies that provide crop insurance to farmers will receive $6 billion less in federal funding over 10 years under a proposal by the U.S. Department of Agriculture. ...

Crop insurance agreement released
Western Farm Press — June 11, 2010
Aiming to reform the federal crop insurance program, reduce the federal deficit, and maximize taxpayer dollars, the USDA has released the final draft of a new crop insurance agreement and, as a result, $6 billion in savings. Two-thirds of the savings will go toward paying down the federal deficit, and the remaining third will support high priority risk management and conservation programs. By containing program costs, these changes will also ensure the sustainability of the crop insurance program for America's farmers and ranchers for years to come....

Latest draft of crop insurance agreement cuts $6 billion, invests in deficit reduction and CRP
Sara Wyant, Agri-Pulse — June 10, 2010
Washington, June 10– The U.S. Department of Agriculture released the third and final draft of a new agreement with the nation’s crop insurance industry today, which includes $6 billion in cuts. About $4 billion of those savings will be directed to deficit reduction, while the remaining $2 billion will be invested in expansion of the Pasture, Rangeland, and Forage program; providing a performance discount or refund for qualified producers; increasing Conservation Reserve Program (CRP) acreage to the maximum authorized level of 32 million acres, investing in new and amended Conservation Reserve Enhancement Program initiatives; and investing in CRP monitoring....

Crop Insurance: USDA-SRA; Climate Issues; Farm Bill; Biofuels; and Trade
Keith Good, FarmPolicy.com — June 11, 2010
Bloomberg writer Alan Bjerga reported yesterday that, “Wells Fargo & Co., Ace Ltd. and other companies that provide crop insurance to farmers will receive $6 billion less in federal funding over 10 years under a proposal by the U.S. Department of Agriculture. ...

Final draft crop insurance agreement
Delta Farm Press — June 10, 2010
Aiming to reform the federal crop insurance program, reduce the federal deficit, and maximize taxpayer dollars, the USDA has released the final draft of a new crop insurance agreement and, as a result, $6 billion in savings....

U.S. Crop-Insurer Subsidies Will Be Cut, USDA Says (Update 2)
Alan Bjerga, Bloomberg Business Week — June 10, 2010
Wells Fargo & Co., Ace Ltd. and other companies that provide crop insurance to farmers will receive $6 billion less in federal funding over 10 years under a proposal by the U.S. Department of Agriculture....

Offshore Insurer Tax Hike Would Increase Crop Insurer Costs
Arthur D. Postal, National Underwriter Property & Casualty Insurance News — June 9, 2010
A proposed tax on offshore reinsurers will likely raise costs for crop insurers and could reduce even further the players in that market, a lobbyist for Bermuda insurers warned Monday....

Disaster declaration issued for ginseng damage
Chicago Tribune — June 8, 2010
Ginseng growers whose crops sustained severe damage from snow and ice in early May will get some relief through crop insurance and emergency loans....

2012 Farm Bill Issues
Keith Good, FarmPolicy.com — June 1, 2010
With respect to potential changes in farm policy, Jerry Lackey reported on Saturday at the Standard-Times Online (San Angelo, Texas) that, "During the recent U.S. House Committee on Agriculture field hearing in Lubbock, several West Texas farmers who testified expressed a need to strengthen federal crop insurance when the next farm bill is written."...