Drought Tolerance and Risk in the U.S. Crop Insurance Program
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The Center for Agricultural and Rural Development (CARD) conducts innovative public policy and economic research on agricultural, environmental, and food issues. CARD uniquely combines academic excellence with engagement and anticipatory thinking to inform and benefit society.
CARD researchers develop and apply economic theory, quantitative methods, and interdisciplinary approaches to create relevant knowledge. Communication efforts target state and federal policymakers; the research community; agricultural, food, and environmental groups; individual decision-makers; and international audiences.
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Are farmers paying too much for crop insurance? It sure seems so, at least in the Corn Belt. With the exception of 2008 when a large drop in price triggered payments, Corn Belt farmers have generally paid more into the program than they have gotten out, despite Congress’s intention that farmers get at least two dollars for each dollar they pay into the program.