Crop Insurance Claims Break $10 Billion Barrier

For the first time in history, crop insurance indemnities to farmers and ranchers have exceeded $10.08 billion to cover agricultural losses, underscoring last year’s high crop values and volatile weather. This figure likely will climb as more than an estimatedfive percent of the claims remain outstanding. This surpasses the old 2008 record of $8.67 billion by more than 16 percent. "The ability of U.S. agriculture to sustain more than $10 billion in insured losses and seamlessly finance itself for the 2012 crop season should not be taken for granted,” said Tom Zacharias, president of National Crop Insurance Services.