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AGRIBUSINESS: Crop Insurance Casts New Light on Drought

Crop insurance payments are hinting that this year’s drought might not be as financially devastating as many feared.

As of December 1, the percentage of damage claims paid as compared to total premiums, also called the “loss ratio,” stood below the 100% mark for producers across the traditional Corn Belt. While this year’s percentage of losses to premiums is higher than the 29% ratio in 2011 and the 54% average loss ratio in the 24 years from 1989 to this year, it’s still below the 88% loss ratio in the flood year of 2008 and the 281% loss ratio after the floods in 1993. 

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