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East Central Illinois | The following was copied from DTN:\
The Risk Management Agency's latest summary of business report shows farmers insured about 268.7 million acres this year, with a total value of crops insured at just under $110 billion.
That translated into $10.4 billion in total premiums paid to insurance companies this year, of which $6.55 billion will be from taxpayers through the premium subsidies.
For corn, RMA reports 76.36 million acres covered with insurance, and a liability of $50.4 billion. NASS reports 96.4 million acres planted to corn this year. So 20 million acres, or 21% of the crop, isn't covered by insurance.
Illinois has roughly 3.8 million acres of uninsured corn; Indiana has 2.2 million acres; Iowa has 1.5 million; Nebraska has 1.4 million; and Ohio has about 1.2 million.
For soybeans, RMA shows 60.8 million acres covered by insurance out of 76 million acres planted, which also translates into slightly more than 21% of the crop is not covered.
The article did not put a dollar liabilty value on soybeans,nor give any indication of liabilty based upon values for higher target prices.
Edited by King Tut 8/17/2012 00:32
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Interesting RMA Insurance Coverage Numbers
