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Crop Insurance: Further Actions Could Strengthen Program's Financial Soundness

T-RCED-99-161 Published: Apr 21, 1999. Publicly Released: Apr 21, 1999.
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Highlights

Pursuant to a congressional request, GAO discussed the Department of Agriculture's (USDA) federal crop insurance program, focusing on whether USDA: (1) has set adequate insurance rates to achieve the legislative requirement of actuarial soundness; (2) appropriately reimburses participating crop insurance companies for their administrative costs; (3) can deliver catastrophic crop insurance at less cost to the government than private insurance companies; and (4) has established methodologies in the revenue insurance plans that set sound premium rates.

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Administrative costsAgricultural productionDisaster relief aidFarm income stabilization programsFarm subsidiesFloodsGrain and grain productsHurricanesInsurance cost controlInsurance lossesInsurance premiumsNatural disastersCrop insurance