AFSC Coin Price :1 According Crop Insurance Premiums Will Increase
According to AFSC, crop insurance premiums are rising.
According to the Agriculture Financial Services Corporation, this year’s crop insurance premiums will increase.
It attributes the increase to losses in 2021 and 2022.
In a post on the organization’s website, AFSC CEO Darryl Kay claims that 2021 saw “historic claim payments.”
We are not attempting to make up for recent losses in a short amount of time; instead, our premium framework adopts a 25-year timeframe. For our clients, this longer view means more premium predictability and stability,” Kay continues.
The article also states that since commodity prices appear to have stabilized, most crops—pulses and durum being the exceptions—will not see premium increases linked to higher prices.
AFSC Network
The AFSC adds that’s hard to predict and that could change based on what happens in the markets.
The size of the increases was not specified in the post.
The business continues by saying that there are ways to control premium costs. This covers various price points and degrees of coverage.
The AFSC notes that accidental fire is now covered, whereas it was not previously.
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