If you are an african american, latino or a woman I need you to get excited about the next election. If not, I HAVE 3/4 OF THE 786 BILLION TO BUY YOU OFF BEFORE THE ELECTION.
If the american public ever found out how much money is made by crop insurance agent there would be a huge revolt. $400,000 premium, gov subsides 60% or more and agent gets commission on the $400,000. I know agents that make well into 6 figures every year on just crop insurance. A total rip off of the taxpayer. Agents make lots of money and farmers pad their checking account.
Apparently neither of you are in the insruance industry so not sure why you are reading IJ. State insurance regulations require that rates be fair and adequate and that profits be reasonable but not excessive. Why should a Federally subsidized insurance program be allowed to make such an exorbitant profit at taxpayer expense? Maybe you actually work for Goldman Sachs……
Crop insurance is not really insurance; it is government farm subsidies. It is a good money maker for agents who have the experience and time to complete all of the forms required; but there is or use to be a lot of corruption. I’ve been out of crop insurance for a while, but claims paid on raisin losses were greater then the crop was worth; claims on Safflower (in case they didn’t grow). As I recall no underwriting consideration for crops or areas that had huge losses nor areas that were basically loss free. But it is government subsidized. Not saying that is a bad thing, just the reality
Aren’t the insurers going to need those profits to pay for the potential catastrophic losses due to climate change? Or, as I suspect, does the government speak with forked tongue to fit whatever desires it has? One doesn’t need to be an actuary to know that a 17% return is not too unreasonable for a product with catastrophic potential.
Everywhere I turn I see a government program that subsidizes private companies profits:
Crop Insurace
Student Loans
Bail outs to Banks
Bail outs to Car Companies
Bail outs to State Governments
Exploration Subsidies to the Oil Companies
Ear mark spending attached to totally unrelated bills
Jeez – China’s goverment doesnt interfere in private business to the extent this government does and they are Communists!!
Maybe it has something to do with the fact that we have the best politicians that money can buy.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
Well, if crop insurance is paid in part by government funds, then if they are making such a “HUGE” profit, why continue to pay it?
Nobody but government should be successful as far as the Administration is concerned.
You are right. The govt is successful at lying about cut-backs and cost savings while tripling the annual deficit
Spread the wealth whether you earn it or not.
If you are an african american, latino or a woman I need you to get excited about the next election. If not, I HAVE 3/4 OF THE 786 BILLION TO BUY YOU OFF BEFORE THE ELECTION.
If the american public ever found out how much money is made by crop insurance agent there would be a huge revolt. $400,000 premium, gov subsides 60% or more and agent gets commission on the $400,000. I know agents that make well into 6 figures every year on just crop insurance. A total rip off of the taxpayer. Agents make lots of money and farmers pad their checking account.
Apparently neither of you are in the insruance industry so not sure why you are reading IJ. State insurance regulations require that rates be fair and adequate and that profits be reasonable but not excessive. Why should a Federally subsidized insurance program be allowed to make such an exorbitant profit at taxpayer expense? Maybe you actually work for Goldman Sachs……
Crop insurance is not really insurance; it is government farm subsidies. It is a good money maker for agents who have the experience and time to complete all of the forms required; but there is or use to be a lot of corruption. I’ve been out of crop insurance for a while, but claims paid on raisin losses were greater then the crop was worth; claims on Safflower (in case they didn’t grow). As I recall no underwriting consideration for crops or areas that had huge losses nor areas that were basically loss free. But it is government subsidized. Not saying that is a bad thing, just the reality
Aren’t the insurers going to need those profits to pay for the potential catastrophic losses due to climate change? Or, as I suspect, does the government speak with forked tongue to fit whatever desires it has? One doesn’t need to be an actuary to know that a 17% return is not too unreasonable for a product with catastrophic potential.
Are you sure this is a free market country?
Everywhere I turn I see a government program that subsidizes private companies profits:
Crop Insurace
Student Loans
Bail outs to Banks
Bail outs to Car Companies
Bail outs to State Governments
Exploration Subsidies to the Oil Companies
Ear mark spending attached to totally unrelated bills
Jeez – China’s goverment doesnt interfere in private business to the extent this government does and they are Communists!!
Maybe it has something to do with the fact that we have the best politicians that money can buy.
This should be done like the student loan program — sold directly by the government.