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Climate Change Projected To Increase Cost of the Federal Crop Insurance Program due to Greater Insured Value and Yield Variability

Andrew Crane-Droesch, Elizabeth Marshall, Stephanie Rosch and Steven Wallander

Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, 2019, vol. November 2019, issue 10

Abstract: The Federal Crop Insurance Program (FCIP) insures participating farmers against adverse production or market conditions. Under the FCIP, the Federal Government pays a portion of farmers’ premiums; these premium subsidies represent the costs to the Government of the FCIP. The cost of administering the FCIP rises in years with adverse weather events, such as droughts, when insurance claims outpace premiums paid for insurance coverage. Recent ERS research used statistical, geophysical, and economic models to explore how climate change could affect yields and the cost of the FCIP.

Keywords: Agricultural and Food Policy; Crop Production/Industries; Environmental Economics and Policy; Farm Management; Production Economics (search for similar items in EconPapers)
Date: 2019
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DOI: 10.22004/ag.econ.302880

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Handle: RePEc:ags:uersaw:302880