Crop insurance remains a stable ship in an otherwise turbulent financial services sea, according to industry officials, even though the economy is in recession, industry subsidies were reduced through the 2008 federal farm bill, and there are concerns about further cuts in federal programs.
“However, the industry is well-capitalized and can pay claims in a timely way,” Robert Parkerson, president of National Crop Insurance Services in Overland Park, Kan., told NU last spring.
“The crop insurance industry is not in the condition of other financial services firms,” Mr. Parkerson added.
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