The National Crop Insurance Services Friday released new figures tallying the number of crop insurance policies purchased to date.
More than 959,000 policies have been processed through participating companies and the USDA Risk Management Agency as of Aug. 5, NCIS says. Those policies protect more than 231 million acres representing more than $92 billion in liabilities, accounting for $3.4 billion in farmer paid premium.
NCIS notes that these numbers will continue to grow as more policies are processed and farmers plant their acres. To date, Iowa, Kansas, Illinois, Nebraska and Texas lead the way in the number of crop insurance policies purchased.
Last year, farmers spent $4.1 billion to purchase more than 1.2 million crop insurance policies, protecting 128 different crops and 281 million acres. Insured acreage was equal to 86% of planted cropland.
Indemnities to farmers following the 2012 drought totaled about $17 billion, with farmers paying $12.7 billion in deductibles on their policies.
Since 2001, farmers have spent more than $30 billion to purchase crop insurance.