Farmers ask for financial assistance from the state. A new interim evaluation of the quantity of the grain harvest in Germany has shown that the effects of heat are much more serious than expected by the farmers, reports the German TV channel on 1 August. Association of German farmers after the heat were expecting the harvest to 41 million tons of grain, according to the latest estimates, the fee is not to exceed 36 million tons. Farmers asked for support from the state.
Agriculture Secretary Sonny Perdue announced that agricultural producers affected by hurricanes and wildfires in 2017 now may apply for assistance to help recover and rebuild their farming operations. Signup begins July 16 and continues through Nov. 16. The program, known as the 2017 Wildfires and Hurricanes Indemnity Program (2017 WHIP) was authorized by Congress earlier this year by the Bipartisan Budget Act of 2018.
The proposed Federal Budget could negatively impact the crop insurance industry, with about $26 billion of the proposed savings affecting crop insurers through capped underwriting profits along with reduced eligibility and lower subsidies, according to Keefe, Bruyette & Woods. The revised budget hopes to make about $47 billion of Farm Bill-related savings between 2019 and 2028.
The Nigerian Agricultural Insurance Corporation, NAIC, says the federal government is subsidising farmers’ insurance in the agricultural value chain by 50 per cent. The Managing Director of NAIC, Folashade Joseph, disclosed this in Abuja on Monday while briefing newsmen on the activities of the corporation.
Nebraskans got more than $1 billion in farm subsidies in 2016, according to a report. The Environmental Working Group on Tuesday released the latest update to its farm subsidy database. It shows that Nebraska ranked fifth among all states with more than $1.07 billion last year in subsidies from the U.S. Department of Agriculture. About $700 million of that was in the form of crop subsidies and nearly $300 million was from crop insurance payments.
Through federal farm programs, American taxpayers are routinely paying thousands of wealthy mega-farms twice for the same "loss," according to a new EWG report. Farm businesses regularly get payments from their government-subsidized crop insurance policies, and then receive separate payments from one of two Department of Agriculture subsidy programs created in the 2014 Farm Bill.
An international insurance broker says government subsidies are not needed to develop crop insurance products suited to Australian conditions. Director of agribusiness with UK insurance broker Willis Towers Watson (WTW), Julian Robert, said crop insurance had been available for decades in Australia but the uptake was low and something had to change.
While many Americans were anxiously awaiting the Congressional Budget Office’s analysis of the Senate health care bill, this week the CBO released another important analysis: that the price tag on farm subsidies is expected to climb almost $7.5 billion more than originally thought. According to new budget estimates released this week, the cost of commodity farm subsidies between 2016 and 2018 will be almost $7.5 billion higher than originally predicted.
The state government took a decision to deposit input subsidy and crop insurance amount for the year 2016 in the bank accounts of farmers in drought-hit areas of the state. Without linking with crop insurance, Chief Minister N Chandrababu Naidu directed public representatives to give `15,000 per hectare to farmers in drought-hit areas.
Crop insurance is the current cornerstone of federal support for farms. As farmers and crop insurance customers, we support a strong farm safety net. But we also believe the crop insurance program can be improved. On average, the federal government currently pays 62 percent of farmers’ crop insurance bills, also called premiums. The government pays this support on every acre of insured farmland nationwide, without limit, at a cost of about $21.09 per acre.
The United States is expected to spend $23.9 billion on farm subsidies in 2017, the most since 2005. This spending represents the failure of promised savings from the big-ticket spending reforms included in the 2014 farm bill. In 2014 Congress shifted the focus of farm subsidies from direct payments to crop insurance premium subsidies. Lawmakers claimed this move would reduce spending on farm subsidies by more than $23 billion over a 10-year period. Not only has that savings failed to materialize, but spending actually grew.
China represents one of the largest agricultural economies in the world with fast-developing agricultural insurance model in place. Chinese agricultural insurance is distinguished by its quick success and efficiency. Such success was achieved by systemic efforts and reforms. This model includes high level of governmental interventions through introduction of agricultural insurance premium subsidy program.
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