Crop Insurance Protects 490 Million Acres, Creating Opportunities for Agriculture
Crop insurance protected more than 490 million acres and $173 billion in liabilities in 2022, providing farmers with a valuable risk management tool, supporting a secure food supply, and contributing to the health and stability of the American economy.
“We’re proud to offer protection to the vast diversity of American agriculture,” said Kendall Jones, chair of National Crop Insurance Services (NCIS) and president and CEO of ProAg, in her remarks today to the crop insurance industry’s annual convention.
This year marked the convention’s 75th anniversary, and Jones praised the modern, data-driven, and responsive nature of crop insurance, while outlining an innovative future for the industry.
Crop insurance is designed to provide opportunity for farmers, and Jones urged Congress to consider “a Farm Bill that further strengthens crop insurance, so that it works for more farmers, more crops, and more acres.”
A strong crop insurance program is critical as farmers work to improve their resiliency and make investments in the health of their land.
“Our farmers are on the front lines when it comes to weather disasters, and it is important that we maintain a strong and consistent crop insurance program so that our food supplies and economic stability aren’t a casualty of climate change or volatile global events,” Jones said.
Jones explained that since its beginning, the crop insurance industry has been built on constant data analysis and actuarial soundness. Farmers also invest in their own safety net, paying more than $6.8 billion in crop insurance deductibles in 2022 to protect their crops.
“The crop insurance industry is protecting the American farmer while being a good steward for the American taxpayer,” she said.
The crop insurance industry has also invested heavily in science, with 2023 marking 100 years of agronomic research conducted by crop insurers to improve policies and procedures. Jones emphasized that the industry would continue to invest in new technology to better serve America’s farmers, champion initiatives to empower underserved farmers, and partner with farmers on conservation efforts.
In his remarks, Tom Zacharias, president of NCIS, challenged the crop insurance industry to leave agriculture better than they found it.
“It is only through collective work towards a better, stronger farm safety net that the crop insurance industry has been able to leave our individual mark on agriculture. For 75 years, we’ve worked together to build a data-driven and affordable crop insurance program,” Zacharias said.
Zacharias also thanked former House Agriculture Committee Chairman Michael Conaway and Frank Lucas for leaving agriculture and crop insurance better than they found it through their leadership.