{"id":359,"date":"2012-01-24T15:26:54","date_gmt":"2012-01-24T15:26:54","guid":{"rendered":"http:\/\/www.ncis.staging.wpengine.com\/?p=359"},"modified":"2012-01-24T15:26:54","modified_gmt":"2012-01-24T15:26:54","slug":"2011-indemnity-payments-eclipse-9-billion-set-new-record","status":"publish","type":"post","link":"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/2011-indemnity-payments-eclipse-9-billion-set-new-record\/","title":{"rendered":"2011 Indemnity Payments Eclipse $9 billion, Set New Record"},"content":{"rendered":"


\n<\/strong><\/p>\n

FOR IMMEDIATE RELEASE<\/strong>
\nJanuary 24, 2012<\/p>\n

(Overland Park, Kansas, January 24, 2012) For the first time in history, indemnity payments surpassed the $9 billion mark, National Crop Insurance Services (NCIS) said today, noting that payments made to farmers for damages to the 2011 crop would continue to climb.<\/p>\n

From historic droughts in the Plains to flooding along the Mississippi River and deep freezes in the South, growers faced unparalleled challenges in 2011 and crop insurance reached record amounts. The record of $9.1 billion could surpass $10 billion as the remaining claims are settled, NCIS noted. The previous record of $8.67 billion was set in 2008.<\/p>\n

\u201cThanks to the foresight of Congress, crop insurance has been in place to weather enormous natural disasters and help ensure that farmers survive to plant yet another year,\u201d said Tom Zacharias, president of NCIS. \u201cThose billions in damages would have landed on the plates of input suppliers, lenders, marketers and farm families if crop insurance wasn\u2019t in place,\u201d<\/em>\u00a0he said.<\/p>\n

Since 2008, more than $27 billion private sector dollars from crop insurance companies have gone back into the hands of farmers across the country for policies they purchased. Zacharias noted that during that same period, crop insurance has shouldered more than $12 billion in cuts in Federal investment even while exposure to risk has continued to rise.<\/p>\n

\u201cTwo out of the last four years have seen the largest indemnity payments in history, all while the crop insurance industry was asked to do more with less,\u201d<\/em>\u00a0said Zacharias.\u201cThe industry has become leaner and more efficient as it continues to serve the risk management needs of U.S. farmers,”<\/em>\u00a0he said.<\/p>\n

\u201cFaced with decreasing federal funding, record payouts and high crop values, it is imperative that Congress not weaken the crop insurance infrastructure further as it writes the 2012 Farm Bill,\u201d<\/em>\u00a0he added.<\/p>\n

###<\/div>\n

NCIS serves as the crop insurance industry’s primary trade association and represents every company that participates in the Federal crop insurance program. While the group does not lobby for its members, NCIS serves as a liaison between the industry and the USDA, and provides timely information about crop insurance to the general public.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

FOR IMMEDIATE RELEASE January 24, 2012 (Overland Park, Kansas, January 24, 2012) For the first time in history, indemnity payments surpassed the $9 billion mark, National Crop Insurance Services (NCIS) […]<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,21],"tags":[],"class_list":["post-359","post","type-post","status-publish","format-standard","hentry","category-news","category-press-releases"],"yoast_head":"\n2011 Indemnity Payments Eclipse $9 billion, Set New Record - Crop Insurance Keeps America Growing<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/2011-indemnity-payments-eclipse-9-billion-set-new-record\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2011 Indemnity Payments Eclipse $9 billion, Set New Record - 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