What major crop insurance legislation brought about the first major increase in participation in the program?

Natural disasters precipitated ad hoc disaster assistance bills in 1988, 1989, 1992, and 1993. Participation in the program drastically grew with the passage of the Federal Crop Insurance Reform Act of 1994 , which increased subsidies and mandated coverage for certain benefits previously offered for free.

Why is crop insurance important to determining farm program participation decision making?

Crop insurance lowers a farm's risk by reducing business risk (BR),1 relieving credit con- straints, and improving farm liquidity through indemnity payments .

What percentage of farmers use crop insurance?

About 13 percent of U.S. farms participated in Federal crop insurance programs in 2022, with the highest share of participants coming from small family farms.

What are the two main types of crop yield insurance?

There are two major types of crop insurance: multiple peril crop insurance (MPCI) and crop-hail insurance .

What is the problem with crop insurance?

Crop insurance is problematic because it creates a system where the only agricultural activities eligible for insurance are those that are favored by the government , which is sometimes out of step with environmental conservation goals or even the long-term viability of farms.

Is agricultural insurance helpful to the farmers why?

Crop insurance simply put, is coverage for a farmer or rancher to protect the price and yield risk associated with farming . It is widely popular, essential to the safety and stability of the food produced in this country, and a successful component of the United States economy.

How is crop insurance calculated?

The revenue protection guarantee is established by: (Average Yield) X (Coverage Level) X (Insured's Share Percentage) X (Projected Price) . An indemnity may be due when the calculated revenue (insured's production X harvest price) is less than the revenue protection guarantee for the crop acreage.

What was the first advance that led to increased agricultural productivity?

During the Bronze Age, advanced metalworking techniques led to the development of stronger farming implements. This allowed for more efficient tilling of the soil and increased agricultural productivity. The moldboard plow and crop rotation were also introduced during this time.

Which crops showed increased amounts after the Green Revolution program started?

In the course of the past 60 years, the green revolution catalyzed the spread of modern crop varieties for staple crops such as wheat, maize and rice throughout the developing world.

What was the first major government program to help farmers maintain prices in 1929?

Agricultural Adjustment Act, in U.S. history, legislation signed in May 1933 by Pres. Franklin D. Roosevelt as part of the Hundred Days phase of his New Deal domestic program. The Agricultural Adjustment Act was designed to provide immediate economic relief to farmers during the Great Depression (1929–39).

What was the most important crop for the first American colonists?

Native corn became the most important grain for English colonists although they also planted European crops of wheat, rye, barley and oats.

Boosting Agricultural Insurance based on Earth Observation data | BEACON Project | Fact Sheet | H2020 | CORDIS

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Objective

To objective of the BEACON project is to develop a commercial service package that will enable insurance companies to exploit the untapped market potential of Agricultural Insurance, taking advantage of innovations in Earth Observation, weather intelligence and ICT / blockchain technology. BEACON will enable insurance companies to alleviate the effect of weather uncertainty when estimating risk for Agricultural Insurance products, reduce the number of on-site visits for claim verification, reduce operational and administrative costs for monitoring of insured indexes and contract handling, and design more accurate and personalized contracts. Through an early warning service they will be able to inform their customers (farmers) for potential crop risks related with weather conditions, and advise them to take all the necessary actions to mitigate the impact of weather in their crops. EO data derived by Copernicus Sentinel missions as well as by missions contributing to Copernicus will be used to develop the data products that will act as a complementary source to the information used by insurance companies to design their products and assess natural disasters. Weather intelligence based on data assimilation, numerical weather prediction and ensemble seasonal forecasting will be used to verify the occurrence of a catastrophic weather event and to predict future perils. ICT / blockchain technology will be used for the smart contract service, to provide insurance companies with an automated method for paying out damages to insured parties. The BEACON services will be deployed in the operational environment of more than 10 companies in the insurance sector, openly demonstrating and validating its value proposition and acceptance as a marketable commercial solution. A business model will be developed and validated using the Lean Start-up methodology, and a global roll-out of BEACON will be designed.

Fields of science

natural sciencesearth and related environmental sciencesatmospheric sciencesmeteorology
natural sciencescomputer and information sciencescomputer securitycryptography
social scienceseconomics and businessbusiness and managementbusiness models
agricultural sciencesagriculture, forestry, and fisheriesagriculture
natural sciencesearth and related environmental sciencesphysical geographynatural disasters

Keywords

agricultural insurance
meteorological data
risk management
smart contracts

Programme(s)

H2020-EU.2.1.6. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies – Space Main Programme
H2020-EU.2.1.6.1. - Enabling European competitiveness, non-dependence and innovation of the European space sector
H2020-EU.2.1.6.3. - Enabling exploitation of space data

Topic(s)

DT-SPACE-01-EO-2018-2020 - Copernicus market uptake

Call for proposal

H2020-SPACE-2018-2020

See other projects for this call

Sub call

H2020-SPACE-2018

Funding Scheme

IA - Innovation action

Coordinator

KARAVIAS MESITES ASFALISEON KAI SYMVOULOI ASFALISEON ANONYMI ETAIRIA

Net EU contribution

€ 501 603,13

Address

EVRIPIODU 12
105 59 ATHINA
Greece

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SME

The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.

Yes

Region

Αττική Aττική Κεντρικός Τομέας Αθηνών

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

Links

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HORIZON collaboration network Opens in new window

Total cost

€ 716 575,90

Participants (6)

AGRICULTURAL APPLICATIONS IKE

Greece

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Last update: 20 July 2023

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Permalink: https://cordis.europa.eu/project/id/821964

European Union, 2024

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Boosting Agricultural Insurance based on Earth Observation data | BEACON Project | Fact Sheet | H2020 | CORDIS | European Commission (2024)