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Mitigating Structural Inequities in U.S. Agricultural Risk Management

The results of this research indicates that minority and veteran farmers are disproportionately located in regions of the U.S. with higher risks of drought and excess precipitation. Yet, these producer groups had lower use of crop insurance prior to the implementation of the 2018 Farm Bill. However, the incentive programs created under the 2018 Farm Bill have increased use of federal crop insurance among these vulnerable populations.

Actuarial implications of prevented planting coverage

The results of this research shows that, on average, higher PP shares have little effect on loss ratios, but regions where PP exceeds 20% of indemnities see significant increases in loss ratios. This indicates actuarial performance weakens when PP payments dominate other perils. A counterfactual simulation treating PP as a production loss suggests improved loss ratios for historically PP-intensive crops but at the cost of higher premiums and potentially lower insurance demand.

When Disaster Strikes the Billing Date: A Scoping Review of Crop Insurance Interest Deferrals

This white paper reviews the Federal Crop Insurance Corporation’s (FCIC) deferral of interest on unpaid premiums after natural disasters. Since the 2012 shift to an August 15 billing date, FCIC has routinely granted 60-day waivers during severe weather or national emergencies, providing producers liquidity but delaying federal receipts. Between 2019 and 2023, over $18 billion in premiums were deferred, representing $510 million in implicit subsidies. The analysis examines effects on actuarial soundness, budget scoring, and moral hazard, and outlines policy options to balance producer relief with fiscal discipline amid rising weather risks.

2025

Mitigating Structural Inequities in U.S. Agricultural Risk Management

Journal of Agricultural and Applied Economics

Amy D. Hagerman, K. Aleks Schaefer, Andrew J. Van Leuven, Francis Tsiboe, Alicia M. Young and Yacob Abrehe Zereyesus

2025

Actuarial implications of prevented planting coverage

Applied Economic Perspectives and Policy

Dylan Turner, Francis Tsiboe, Hunter Biram, Lawson Connor

2025

When Disaster Strikes the Billing Date: A Scoping Review of Crop Insurance Interest Deferrals

ARPC White Paper

Francis Tsiboe and Sandro Steinbach

2025

Utilizing large-scale insurance data sets to calibrate sub-county level crop yields

Journal of Risk and Insurance

Francis Tsiboe, Dylan Turner and Jisang Yu

2024

Did Grain Futures Prices Overreact to the Russia-Ukraine War Due to Herding?

Journal of Commodity Markets

Colin A. Carter and Sandro Steinbach

2023

Capping the Farmer Premium-to-Liability Ratio for the Major Federal Crop Insurance Coverages: An Evaluation of the Potential Economic Implications

AAE Staff Paper 2023-01, North Dakota State University

David Bullock and Sandro Steinbach

2023

Economic Consequences of Capping Premiums in Crop Insurance

Farmdoc Daily

David W. Bullock and Sandro Steinbach

2023

Southern Economic Impacts of Premium to-Liability Ratio Limits in U.S. Crop Insurance

Southern Ag Today

David W. Bullock, Sunghun Lim and Sandro Steinbach

Explore our recent research, commentary, and updates on evolving challenges in agricultural risk and policy.

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