Crop insurance costs are on track to make big jumps in the coming decade as the program currently prevents the passage of a Farm Bill.
The Congressional Budget Office projects the federally subsidized crop insurance program will cost an additional $27 billion over the next ten years, totaling to nearly $125 billion at the end of 2033. That is up 29 percent from last year’s estimate. So far, on losses just for 2023 production, the government has paid more than $15 billion on losses or roughly $0.62 of every dollar in premiums.
While crop insurance is expected to cost drastically more, USDA spending will likely stay the same. This comes as both livestock and forage policies are exploding.
