Discussion: The 2007 Farm Bill and Crop Insurance: Implications for Crop Producers in the South
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The crop insurance program has grown significantly since passage of the 2002 Farm Bill.
Total premiums more than doubled from $2.9 billion in 2002 to $6.6 billion in 2007. This
growth in the crop insurance program is due to a combination of greater participation by
growers at higher levels of coverage, an increased number of crops with coverage available,
and a general rise in commodity prices. Not unexpectedly, there has been a corresponding
increase in the cost of program delivery. The total amount of expense subsidy and
underwriting gains paid to crop insurance companies increased from around $1 billion in
20011 to over $2.5 billion in 2007.