Recommended citation format: Schnitkey, G., R. Batts, N. Paulson, C. Zulauf and J. Baltz. " Crop Insurance Performance and the FAST Summary of Business Tool ." farmdoc daily (13):31, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, February 21, 2023. We have recently released a FAST tool that summarizes payout information from crop insurance products (click here for the tool). We use the Excel tool to evaluate the performance of select counties in Illinois. For corn, the 2012 drought year had a significant influence on performance. The drought year had less of an impact on soybeans. In northern and central Illinois, protecting against large losses from drought years is the main motivation for using crop insurance. The Risk Management Agency (RMA) provides data on the performance of Federally-regulated and subsidized products through the Summary of Business (SOB) . SOB data are disaggregated to the county level and can be used to evaluate crop insurance performance over time for a different crop, insurance plan, and practice combinations. Data are available down to the coverage level of specific plans. SOB data has been summarized and made available in a FAST Microsoft Excel spreadsheet called the Crop Insurance Summary […]
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