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Climate Change Impacts on Crop Insurance

Author

Listed:
  • Beach, Robert H.
  • Zhen, Chen
  • Thomson, Allison
  • Rejesus, Roderick M.
  • Sinha, Paramita
  • Lentz, Anthony W.
  • Vedenov, Dmitry V.
  • McCarl, Bruce A.

Abstract

Excerpt from the Executive Summary: In this report, we provide an assessment of the potential long-term implications of climate change on the U.S. crop insurance portfolio. Agricultural producers have always faced numerous production and price risks, but forecasts of more rapid changes in climatic conditions in the future have raised concerns that these risks will increase in the future relative to historical conditions. In addition to implications for landowner decisions regarding land use, crop mix, and production practices, changing agricultural risks could potentially affect the performance of the crop insurance program. Thus, we assess the potential implications of climate change on the financial returns to both the public Federal Crop Insurance Corporation (FCIC) and the private approved insurance providers (AIPs) under the current Standard Reinsurance Agreement (SRA) and identify potential considerations for the specification of the SRA and other aspects of the crop insurance program that may help to mitigate financial impacts.

Suggested Citation

  • Beach, Robert H. & Zhen, Chen & Thomson, Allison & Rejesus, Roderick M. & Sinha, Paramita & Lentz, Anthony W. & Vedenov, Dmitry V. & McCarl, Bruce A., 2010. "Climate Change Impacts on Crop Insurance," USDA Miscellaneous 338292, United States Department of Agriculture.
    • Handle: RePEc:ags:usdami:338292
    DOI: 10.22004/ag.econ.338292
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    References listed on IDEAS

    as
    1. Wolfram Schlenker & W. Michael Hanemann & Anthony C. Fisher, 2005. "Will U.S. Agriculture Really Benefit from Global Warming? Accounting for Irrigation in the Hedonic Approach," American Economic Review, American Economic Association, vol. 95(1), pages 395-406, March.
    2. Bruce J. Sherrick & Fabio C. Zanini & Gary D. Schnitkey & Scott H. Irwin, 2004. "Crop Insurance Valuation under Alternative Yield Distributions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(2), pages 406-419.
    3. Schlenker, Wolfram & Hanemann, W Michael & Fisher, Anthony C, 2007. "Water Availability, Degree Days, and the Potential Impact of Climate Change on Irrigated Agriculture in California," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8q8309qn, Department of Agricultural & Resource Economics, UC Berkeley.
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