{"id":5741,"date":"2014-12-10T09:48:59","date_gmt":"2014-12-10T14:48:59","guid":{"rendered":"http:\/\/www.ncis.staging.wpengine.com\/?p=5741"},"modified":"2014-12-10T09:48:59","modified_gmt":"2014-12-10T14:48:59","slug":"private-sector-delivery-essential-to-crop-insurances-future","status":"publish","type":"post","link":"https:\/\/iripreviewsite.com\/cropinsuranceinamerica\/private-sector-delivery-essential-to-crop-insurances-future\/","title":{"rendered":"Private-Sector Delivery Essential to Crop Insurance\u2019s Future"},"content":{"rendered":"<p>Private companies are integral to crop insurance\u2019s future because they shoulder risk that would otherwise be borne by taxpayers and because they maintain the system used to efficiently provide assistance to farm families following disasters.<\/p>\n<p>However if the business does not remain viable, private-sector participation could wane, which would weaken America\u2019s farm policy, according to a new video released today by National Crop Insurance Services (NCIS).<\/p>\n<p>\u201cKey to this viability is a reasonable rate of return for insurers on the infrastructure they built to deliver farmers\u2019 most important risk management tool,\u201d the video explained.\u00a0 \u201cAn adequate return on investment enables insurance providers to routinely reinvest in technology, infrastructure efficiency, and service improvements for farmers and ranchers.\u00a0 Unfortunately, adequate returns don\u2019t always happen.\u201d<\/p>\n<p>Among the factors that have made crop insurance less viable in recent years:<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Weather disasters and crop price volatility since 2011 have resulted in record loss payments from crop insurance providers;<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $1.2 billion a year in federal funding was cut in 2008 and 2011; and<\/p>\n<p>\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Farm policy opponents are targeting crop insurance for further funding reductions.<\/p>\n<p>The 2014 Farm Bill took steps towards improving crop insurance by expanding coverage, by bringing new customers into the system, and by providing new tools to continually minimize waste, fraud, and abuse.<\/p>\n<p>Tom Zacharias, president of NCIS, applauded Congress\u2019 actions and said it will be important to continue making improvements by reducing regulatory burdens, avoiding further funding cuts, and keeping crop insurance actuarially sound.\u00a0 And he believes that all Americans have a stake in the future of crop insurance.<\/p>\n<p>\u201cAfter all, not everyone farms, but everyone eats.\u00a0 So everyone depends on a strong farm policy,\u201d the video concluded.<\/p>\n<p>The NCIS video, which can be viewed <a href=\"http:\/\/youtu.be\/Es4EDvGeD64\" target=\"_blank\">here<\/a>, is the last in a three-part series dedicated to the key policy attributes essential to crop insurance\u2019s continued success.\u00a0 Previous pieces examined the importance of making crop insurance widely available and affordable to farmers.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>###<\/strong><\/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>Private companies are integral to crop insurance\u2019s future because they shoulder risk that would otherwise be borne by taxpayers and because they maintain the system used to efficiently provide assistance [&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":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,21],"tags":[],"class_list":["post-5741","post","type-post","status-publish","format-standard","hentry","category-news","category-press-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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