Managing risks presented by extreme weather conditions such as heat and drought is a top priority of farmers and policymakers, as researchers predict that higher temperatures and reduced precipitation could reduce yields by up to 30% over the next 50 years.
Farmers are already experiencing these impacts and becoming increasingly dependent on the Federal Crop Insurance Program to manage the resulting yield risks. As of this February, 2020 crop insurance indemnities totaled $7.7 billion, with just over 60% of the average crop insurance premiums covered by the taxpayer. Read More