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Seymour, IL | https://farmdocdaily.illinois.edu/2024/07/crop-insurance-loss-perfor...
"Overall, differences in loss ratios result because premiums have exceeded indemnity payments in areas of low-loss ratios, and vice versa. The Corn Belt generally has premiums that have exceeded losses in the region. If premium rates more accurately reflected losses, Midwest farmers would pay less, while other areas would pay higher premiums. So doing would better reflect the actual risk of growing and insuring crops. Arguably, keeping premiums too low in areas of high risk presents the potential for encouraging production in those areas at the expense of other areas. While support to continue production in higher risk areas may be a policy objective, crop insurance may not be the ideal vehicle given the requirements to develop programs and policies that include actuarial soundness requirements."
tried to copy/paste the map... but unable to do so
perhaps opinions would change....
bryon | |
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Fed crop ins, should we really abandoned it.
