Crop insurers gathered this week for the industry’s annual convention, where leaders celebrated significant growth and charted a course for the future of American agriculture’s most important risk management tool. With more than nine out of every 10 planted acres insured in the country, crop insurance has become a vital component of the rural economy, protecting farmers and ranchers against extreme weather and volatile markets.
Dale Perry, Chairman of the American Association of Crop Insurers (AACI), emphasized the importance of preserving and expanding the industry’s success.
“Crop insurance has evolved from a secondary tool used by some farmers to protect against extreme loss events to the cornerstone of America’s safety net. It’s amazing to think that crop insurance has grown from a mere 30 million acres of protected farmland in 1982 to more than 540 million acres of farm and ranchland today,” said Perry, who is also the Divisional President for Great American Insurance Group’s Crop Division.
But he said the industry’s work isn’t over, urging colleagues to work to build upon the successes in the upcoming Farm Bill reauthorization. Under the current Farm Bill, crop insurance has expanded its coverage significantly, offering 30 new products for specialty crops, livestock, and pastureland, reflecting the industry’s adaptability to farmers’ evolving needs.
Scott Arnold, Chairman of National Crop Insurance Services (NCIS) and Chairman of Rain and Hail, highlighted the program’s impact: “In just five years, crop insurers have paid insurable losses of more than $65 billion to help farmers recover from disasters.”
Noting the 205 million additional acres that have been enrolled in that time, Arnold said, “This growth is a testament to the thoughtfulness and drive of more than 20,000 committed people who work in this industry.”
The meeting also focused on the industry’s public-private partnership, which combines government funding and oversight with private-sector efficiency.
“As we prepare for the opportunities and challenges of 2025, the crop insurance industry must remain steadfast in its commitment to serving the agricultural community,” said Tom Zacharias, President of NCIS. “The accomplishments of recent years reflect the strength of the system, but they also serve as a reminder of the ongoing responsibility to innovate and advocate.”
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