{"id":4472,"date":"2013-05-21T10:00:05","date_gmt":"2013-05-21T14:00:05","guid":{"rendered":"http:\/\/www.ncis.staging.wpengine.com\/?p=4472"},"modified":"2013-05-21T10:00:05","modified_gmt":"2013-05-21T14:00:05","slug":"farmers-shoulder-nearly-17-billion-in-losses-in-2012-2","status":"publish","type":"post","link":"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/farmers-shoulder-nearly-17-billion-in-losses-in-2012-2\/","title":{"rendered":"Farmers Shoulder Nearly $17 Billion in Losses in 2012"},"content":{"rendered":"<p>Before farmers received a single dime in crop insurance indemnity payments, they shouldered $12.7 billion in losses as part of their deductibles to crop insurance policies, according to a guest editorial published today by Tom Zacharias, president of National Crop Insurance Services (NCIS).<\/p>\n<p>\u201cWhen combined with the $4.1 billion farmers paid out of their own pockets to purchase crop insurance last year, total farmer investment neared $17 billion,\u201d explains Zacharias in the <a href=\"http:\/\/www.rollcall.com\/news\/setting_the_record_straight_on_crop_insurance_commentary-224514-1.html?pos=oopih\" target=\"_blank\">May 6<\/a> edition of Roll Call\/CQ.<\/p>\n<p>Zacharias noted that it was important to get those numbers out because of the ongoing assault on the \u201cthe men and women who put food on our tables and clothes on our backs\u201d over their purchasing of crop insurance. \u201cCritics called crop insurance a farmer bailout and said things like farmers were \u2018laughing all the way to the bank\u2019 and were \u2018praying for drought, not praying for rain,\u2019\u201d the article notes. \u201cFarmers even have been compared to cheap drunks at an open bar and told to pay their fair share.\u201d<\/p>\n<p>The article points out that when assessing the value of crop insurance, there are undisputed facts of what transpired after the worst drought our country has seen in decades:<\/p>\n<ul>\n<li>Indemnities to farmers cost about $17 billion, but \u201cthanks to crop insurance\u2019s design, these indemnities were not completely borne by taxpayers because farmers and insurers picked up a major portion of the costs and sustained significant economic losses.\u201d<\/li>\n<li>\u201cThis was the sixth time since 1983 that crop insurers lost money. Compare that to the property and casualty insurance industry, which has lost money only once as far back as data is available.\u201d<\/li>\n<li>\u201cIt is also important to note that when crop insurance premiums exceed losses, the government sees underwriting gains that help offset payments in bad years. In fact, the government experienced nearly $4 billion in gains from 2001-2010.\u201d And just as importantly, \u201cCongress was not asked to fund an ad hoc disaster bill despite the historic devastation endured by our agricultural producers.\u201d<\/li>\n<\/ul>\n<p>Zacharias welcomed reasoned debate on farm policies, but added that \u201clawmakers and the American public deserve an intelligent conversation about the future of agriculture that is kept to <a href=\"http:\/\/www.ncis.staging.wpengine.com\/about-crop-insurance\/just-the-facts\/\" target=\"_blank\">just the facts<\/a>.\u201d<\/p>\n<p>To see the guest opinion in its entirety, click <a href=\"http:\/\/http:\/\/www.rollcall.com\/news\/setting_the_record_straight_on_crop_insurance_commentary-224514-1.html?pos=oopih\" target=\"_blank\">here<\/a>.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Before farmers received a single dime in crop insurance indemnity payments, they shouldered $12.7 billion in losses as part of their deductibles to crop insurance policies, according to a guest [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":52,"featured_media":4488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,25],"tags":[],"class_list":["post-4472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-insight","category-whats-cropping-up"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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