Climate Change Impacts on Crop Insurance

Robert Beach, Chen Zhen, Allison Thomson, Roderick M. Rejesus, Paramita Sinha, Anthony W. Lentz, Dmitry V. Vedenov and Bruce A. McCarl

No 338292, USDA Miscellaneous from United States Department of Agriculture

Abstract: Excerpt from the Executive Summary: In this report, we provide an assessment of the potential long-term implications of climate change on the U.S. crop insurance portfolio. Agricultural producers have always faced numerous production and price risks, but forecasts of more rapid changes in climatic conditions in the future have raised concerns that these risks will increase in the future relative to historical conditions. In addition to implications for landowner decisions regarding land use, crop mix, and production practices, changing agricultural risks could potentially affect the performance of the crop insurance program. Thus, we assess the potential implications of climate change on the financial returns to both the public Federal Crop Insurance Corporation (FCIC) and the private approved insurance providers (AIPs) under the current Standard Reinsurance Agreement (SRA) and identify potential considerations for the specification of the SRA and other aspects of the crop insurance program that may help to mitigate financial impacts.

Keywords: Agricultural and Food Policy; Crop Production/Industries; Farm Management; Land Economics/Use; Productivity Analysis; Research Methods/ Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 215
Date: 2010-05
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Persistent link: https://EconPapers.repec.org/RePEc:ags:usdami:338292

DOI: 10.22004/ag.econ.338292

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