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Crop insurance indemnities hit new record of $10 billion

Crop insurance companies’ payments to farmers and ranchers for loses on their 2011 crops have reached more than $10.08 billion, National Crop Insurance Services announced today.

The figure is likely to climb higher because more than 5 percent of claims remain outstanding said, said Tom Zacharias, president of NCIS, a research organization funded by the companies.

The previous record on indemnities, as the payments are known, was $8.67 billion in 2008.