Federal Crop Insurance Corporation (FCIC) data updated Feb. 6 shows the continuing increase in indemnities paid for 2011 crop losses. As of Monday, $9.7 billion in losses have been paid to farmers for a total program loss ratio of 0.81 to date. A loss ratio of 1.0 represents $1 in premium for each $1 in losses.
The 2011 indemnities are already the largest ever, surpassing the record of $8.7 billion set in 2008. Soybeans had a better year than many other crops, with indemnities paid to date of 1.3 billion and an overall loss ratio of 0.52. The state with the worst loss ratio in 2011 was Vermont, with a state loss ratio of 2.47, and more than 25 percent of all indemnities went to farmers in Texas, with nearly $2.5 billion in indemnities.
The FCIC data, updated weekly and sorted by crop, state and insurance plan, is available at www.rma.usda.gov/data/sob.html.