Crop Insurance
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CROP INSURANCE
There are two kinds of crop insurance: crop-hail, which is provided by the private market and covers just hail, fire and wind, and federally sponsored multiple peril crop insurance, which is sold and serviced by the private market but subsidized and reinsured by the federal government.
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MULTIPLE PERIL CROP INSURANCE, 1999-2007
($000)
Year |
Net premiums written (1) |
Annual percent change |
Combined ratio (2) |
Annual point change (3) |
| 1999 | $725,821 | 1.8% | 98.2 | NA |
| 2000 | 938,840 | 29.3 | 90.4 | -7.8 pts. |
| 2001 | 1,321,820 | 40.8 | 96.0 | 5.6 |
| 2002 | 2,003,443 | 51.6 | 124.4 | 28.4 |
| 2003 | 1,702,862 | -15.0 | 109.8 | -14.6 |
| 2004 | 2,203,143 | 29.4 | 76.1 | -33.8 |
| 2005 | 2,234,630 | 1.4 | 91.3 | 15.2 |
| 2006 | 2,824,769 | 26.4 | 77.9 | -13.4 |
| 2007 | 3,736,658 | 32.3 | 75.3 | -2.6 |
(1) After reinsurance transactions, excluding state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.
NA=Data not available.
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC. |
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