Climate change could stoke the cost of insuring the nation’s farmers and ranchers to unsustainable levels. Farmers took in a record $19 billion in insurance payments in 2022, many due to weather-related disasters. The cost of the Federal Crop Insurance Program has soared from just under $3 billion in 2002 to just over $19 billion last year. The program has become increasingly popular with farmers over the past 20 years as a protection from drops in prices and weather-related disasters. Taxpayers subsidize about 60% of the premiums; farmers cover about 40% and pay deductibles on smaller losses. Payments for weather-related losses are going up.
insideclimatenews.org/news/07092023/climate-chasingle nge-crop-insurance-increases/