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GRIP policies will be more costly in 2012

RMA revisions will make policies 10% to 11% more expensive than last year's.
Compiled by staff 
Published: Jan 25, 2012
Ratings changes made by the Risk Management Agency (RMA) will cause premiums for Group Risk Income Plan with the Harvest Price option (GRIP-HR) to be higher in 2012 as compared to 2011. For 90% coverage level policies, 2012 premiums will average 10% higher than 2011 premium for corn across Illinois and 11% higher for soybeans. Higher GRIP-HR premiums, along with lower COMBO product premiums, suggests that farmers who have purchased GRIP in the past may wish to evaluate crop insurance decisions, as relative costs of the products have changed. The remainder of this article first describes GRIP use, and then details changes to expected yield and premium occurring to GRIP in 2012.

Continue reading at:
http://www.farmdocdaily.illinois.edu/2012/01/group_risk_income_plan_grip_in.html  


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