Crop Insurers Will ‘Withstand’ Severe Subsidy Cuts

Crop insurers said late Thursday the industry and the crop insurance program will be able to “withstand” the severe cuts in subsidies imposed on the program by the Agriculture Department. “Our hands are tied. The companies have no choice but to sign this new Standard Reinsurance Agreement,” said Bob Parkerson, president of National Crop Insurance Services, which represents the 16 crop insurers involved in the program. “If they don’t, they cease operating and the safety net that America’s farmers and ranchers rely on so heavily would be disrupted,” he said.