The House Agriculture Subcommittee on General Farm Commodities and Risk Management met today to discuss crop insurance. Bob Haney, CEO of AgriSompo North America, was on hand to testify about the vital importance of the program and to highlight the significance of risk management to our nation’s farmers and ranchers.
During the session, Haney compared crop insurance to a “3-legged stool” made up of Approved Insurance Providers (AIPs), the federal government, and farmers. All three parties have a financial stake in ensuring the continued success of the American crop insurance program and each leg of the stool is vital to the wellbeing of the whole.
Haney says “the 3-legged stool concept is the key to the success of the crop insurance program, which is envied around the world as a fair and successful means of supporting agricultural production and our food supply.” The U.S. crop insurance program currently helps support hundreds of thousands of farmers and with added flexibility, it will continue to protect the stability of the world’s food supply well into the future.
In today’s testimony, Haney stressed the need to maintain the intended structure of the program, to safeguard current funding levels, and to provide incentives to producers as we cope with future climate change pressures. As conversations surrounding the upcoming 2023 Farm Bill continue, Bob Haney and the AgriSompo North America team will continue to be available when needed to provide expertise and guidance surrounding the crop insurance program.
For more information about the House Agriculture Subcommittee on General Farm Commodities and Risk Management, click here.