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When Disaster Strikes the Billing Date: A Scoping Review of Crop Insurance Interest Deferrals

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  • Tsiboe, Francis
  • Steinbach, Sandro

Abstract

This white paper reviews the Federal Crop Insurance Corporation’s (FCIC) deferral of interest on unpaid premiums after natural disasters. Since the 2012 shift to an August 15 billing date, FCIC has routinely granted 60-day waivers during severe weather or national emergencies, providing producers liquidity but delaying federal receipts. Between 2019 and 2023, over $18 billion in premiums were deferred, representing $510 million in implicit subsidies. The analysis examines effects on actuarial soundness, budget scoring, and moral hazard, and outlines policy options to balance producer relief with fiscal discipline amid rising weather risks.

Suggested Citation

  • Tsiboe, Francis & Steinbach, Sandro, 2025. "When Disaster Strikes the Billing Date: A Scoping Review of Crop Insurance Interest Deferrals," Agricultural Risk Policy Center 364685, North Dakota State University.
    • Handle: RePEc:ags:ndsuag:364685
    DOI: 10.22004/ag.econ.364685
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