The Evolving Role of Crop Insurance in Farm Risk Management

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The Evolving Role of Crop Insurance in Farm Risk Management . Keith Collins, NCIS AAEA Crop Insurance Symposium October 8, 2013 Louisville, KY . Agenda. Evolution Participation metrics: Farm Company Taxpayer/government Issues. Early Years. Concept of “Spreading risk” goes far back - PowerPoint PPT Presentation

Transcript of The Evolving Role of Crop Insurance in Farm Risk Management

PowerPoint Presentation

The Evolving Role of Crop Insurance in Farm Risk Management

Keith Collins, NCISAAEA Crop Insurance SymposiumOctober 8, 2013Louisville, KY AgendaEvolution

Participation metrics:Farm CompanyTaxpayer/government

IssuesEarly YearsConcept of Spreading risk goes far back

First crop insurance, hail in 1880

First MPCI policy in 1899, Minneapolis fire insurance company for wheat

Varied approaches tried, e.g., cost of production, Hartford Fire Insurance Company in 1920 & 1921Senate Interest, 1922U.S. Senate, McNary Resolution created a Select Committee to study crop insurance

NY Times editorial, 9/22/22: There was a good deal of crop insurance during the war, and its results were not encouraging. Private crop insurance is a matter of business which is best left to those concerned with buying or selling. Government crop insurance is usually a disguised subsidy. As the Treasury is now running a deficit, and the country will not put up with more taxes, the idea is not to be entertained

Committee met, heard from experts, no action resulted Roosevelt Interest, 19361934-36 drought & wheat grower interest spur Roosevelt

Wallace chairs Presidents Commission on Crop Insurance to develop all risk crop insuranceWallace says: crop insurance is too big a thing for private companies to handleCommission report: past failures due to limited areas covered, insuring income not yield, inadequate data

Report proposals formed basis for Fed. Crop Ins. Act of 1938 (Title V of the AAA of 1938)Government Program BeginsGovernment ran program & paid delivery costs:High losses led to termination; made experimental in 1947Loss ratio, 0.98 over 1948-1976

But, low participation in 1960s & 70s:Competition with other farm & disaster programs Premiums too high, available coverage too low Use of county-wide data, adverse selection, moral hazard

By 1977 GAO says: not a vibrant economic force

Summarizing the Dissatisfaction . . . Sec. Bob Bergland tells Congress in 1977:

"the disaster programs of the Department of Agriculture are for the most part, . . . in and of themselves, a disaster" Modern ProgramFCA of 1980Private companies sell & serviceCoverage improvedPremiums subsidized, 30% up to 65% coverageA&O paid 27%/22% of premium for new /renewal policies LAE payment 4%/3% of premium/net lossesReinsurance authorizedFCIC begins phase out of delivery in 19821981, 17 AIPs sell 3.4% of premium1982, 35 AIPs sell 27% of premiumProblems & ResponsesProblems: low participation; large disaster payments continue ($10.9 bil 1988-93); poor actuarial performance

Responses:Disaster payments linked to crop insurance (1988-89 bills)Premiums raised; area plans started (1990 Farm Bill)1994 reforms (1994 Act and regulation): Premium subsidies raisedCAT created & farm prog. benefits linked to crop insurance Revenue plans allowed65% T-yields introducedestimated 19% reduction in losses

Participation impacts: 1981: 45 mil. ac. 1993: 84 mil. ac. 1995: 220 mil. ac.The Rest of the Story . . .1998-2000: Large ad hoc disaster assistance, includes 1999 & 2000 premium discounts 2000 ARPA: raises premium subsidies, esp. at higher coverage; creates 508(h) process for new products; authorizes livestock

2008 Farm Bill: program cost becomes an issueSmall prem. sub. & A&O cuts; timing shiftsPrem. subsidy raised for EU/whole farm unitsSURE/ACRE Premium Subsidy Rates by Coverage Level11Average Premium Subsidy Across all Policies

% of Prem.Growth in Enrolled Area and Plan Premium

Liability Share:2012$117 bil.Acreage Share: 2012283 mil.Distribution of Business by Crop

Insured Share of Planted or Bearing Acres

Data: major field crops, 2012; others, 2011 Changes in Coverage LevelsShare of Insured Acres by Coverage LevelShare of Insured Acres Covered at 70% or Higher

Liability as a Share of Production Value 2011-12 avg.Production Value(bil $)InsuredLiability (bil $)Liability as a % of Prod. ValueGrains846679%Oil crops412766%Fruits & nuts25728%Vegetables & melons21314%All other411434%Total crops21211655%Growth in Specialty Crop Coverage

Cumulative Product Introductions Since 2000

--Of 58 introductions: 43 still marketed 12 replaced 3 terminated# Products

Effect of Crop Insurance on a Simulated Illinois Corn Farms RevenueCrop Ins. v. Commodity Program BenefitsUnder 2008 Farm Bill, 2008-2012 avg.Net Indemnities% of Prod. ValueCommodityProgram Outlays% of Prod. Value$/planted ac.$/planted ac.Corn29.754%20.973%Soybeans8.812%6.651%Wheat10.494%19.777%Up. Cotton63.2211%119.6321%Rice9.701%132.4413%Peanuts15.022%73.408%Prod. value from ERS http://www.ers.usda.gov/data-products/commodity-costs-and-returns.aspx AIPsNumber of AIPs operatingNumber per State, by State Premium, 2012

Mil $AIP A&O Payments and UGs as a Share of Gross Premium Sold by the AIPs

How a Company and FCIC Share Gains/Losses Share of Premium, Commercial Fund, GP 1 States

Company Gross Loss RatioHow a Company and FCIC Share Gains/Losses Share of Premium, Commercial Fund, GP 1 States Company Gross Loss RatioIA & NE 2.2IN 3.4IL 4.5Actuarial Performance of Crop InsuranceLoss Ratio = indemnities/premiums

19932012198820021983Components of Crop Year Taxpayer Costs (Bil $)Outlay Method =Net Indm. + AIP UGs + A&OSubsidy Method = Prem. Sub. + FCIC Un. Loss + A&O

Net=$13.3Real Expenditures on CCC Commodity Programs, Disaster & NAP, Crop Insurance

Bil. 2013 $Fiscal yearSource: USDA and Congressional Budget Office May 2013 Baseline; deflated using index of prices received for cropsPolicy & Program IssuesInteraction of crop insurance and farm programsInteraction & Implementation issues: ARC, RLC, SCO, STAXPrivate deliveryConcern over delivery cost (different regulatory model, less costly products, alternative approach?)Premium subsidiesLevel and structureDistribution of A&O across statesUnderwriting gainsDegree of public/private risk sharing and returnsLevel of market competition and privatizationRate making, universal coverage, level of oversightChart112.472814439423.050043335622.290363236722.655982074822.757921411823.199482501423.991557666624.748161165225.014476274625.74138083225.783817833626.005133899226.464420668526.860621750757.636704432953.408251511450.854621919950.465519986741.334031006937.446051375359.818742646359.720281526659.51078042859.181690240959.34898611658.564982662658.264021469257.768027867960.651390239562.049260963962.358720068962.750979165861.8

Column1

Sheet1Column1198112.5198223.1198322.3198422.7198522.8198623.2198724.0198824.7198925.0199025.7199125.8199226.0199326.5199426.9199557.6199653.4199750.9199850.5199941.3200037.4200159.8200259.7200359.5200459.2200559.3200658.6200758.3200857.8200960.7201062.0201162.4201262.8201361.8

Chart145.0049450363.16742.7265460358.70827.9386520325.11342.6779160358.25748.5535660353.04248.6719420338.2249.143080315.26355.5803720318.032101.7083150331.152101.3585730326.33782.3581690325.36283.0778150326.45383.7242690319.51899.5554710325.699220.648079115.27509318.289205.01179587.729568333.682182.17570564.658141332.743181.78504961.502507329.899196.91812853.226211329.255206.46666448.256394328.685211.3289940.96813324.584214.86455138.214042327.283217.40910933.680561325.693221.01986331.713213322.317245.8564428.153267317.64242.08165728.47077315.645271.63368228.372843320.369272.26021130.036024324.997264.73839722.262889319.25256.15104820.226985316.696265.76276319.38830231928317.50777932629415.82013

Total acresCAT acresNASS planted acres

Sheet1Total acresCAT acresNASS planted acres198145.00.036381-900.2252165245198242.70.0359198327.90.032591-20000.2506936064198442.70.0358198548.60.035301-130.1030110955198648.70.0338198749.10.0315198855.60.03181989101.70.03311990101.40.0326199182.40.0325199283.10.0326199383.70.0320199499.60.03261995220.6115.33181996205.087.73341997182.264.73331998181.861.53301999196.953.23292000206.548.33292001211.341.03252002214.938.23272003217.433.73262004221.031.73222005245.928.23182006242.128.53162007271.628.43202008272.330.03252009264.722.33192010256.220.23172011265.819.43192012283.017.53262013294.015.8

Chart1368251972198185675521981383337411198212757289198225847372419832729999519834079582951984259226981984414770374198525076474198535178441419862796543619863285925611987365358781987397979973198838416086198877111628519894826924919897915355871990448919591990685812104199151340172199171019295219924627690819927016095728179755333432119938821320068318236584332291994146045826286988557390820719951575196760119170441055382671461312111357652560979047011576563329204787414114292111368499411404923833600201714020796751883179613579207775342923313727374353024612017315140396402873113504773613900555818407718513882875071253198572462520062103737601406119719111149068357530667215727949204661386810431304871184816462192506272805269792117016586922840541221837696023322818191055299102473614899160619715289000490612162997536533701383093587654383089618154359915369333762930496132173094162141867712629500618420313926864626683909314057219262946893672890035665605609262166632369945599342532322947495183556231678950822255223087397142122877927195115339120493062780053504842979460153861

Yield plansArea (GRP/GRIP) plansOtherRevenue plansBil $

Sheet1Yield plansOtherArea (GRP/GRIP) plansRevenue plansTotalOriginal data from NCIS runCATOtherRevenueYieldTotal1981368,251,9728,567,552376819524198064171641500475111564646751982383,337,41112,757,289396094700198185675523682519723768195241983258,473,72427,299,9952857737191982127572893833374113960947001984407,958,29525,922,6984338809931983272999952584737242857737191985414,770,37425,076,4744398468481984259226984079582954338809931986351,784,41427,965,4363797498501985250764744147703744398468481987328,592,56136,535,8783651284391986279654363517844143797498501988397,979,97338,416,0864363960591987365358783285925613651284391989771,116,28548,269,2498193855341988384160863979799734363960591990791,535,58744,891,9598364275461989482692497711162858193855341991685,812,10451,340,1727371522761990448919597915355878364275461992710,192,95246,276,9087564698601991513401726858121047371522761993701,609,57253,334,321817,9757557618681992462769087101929527564698601994882,132,00658,433,2298,318,23694888347119935415229670160957275576186819951,460,458,26273,908,2078,698,855154306532419947085696487802650794888347119961,575,196,760105,538,26711,917,044146,131,21118387832821995455985623704928121016586889154306532419971,357,652,560115,765,6339,790,470292,047,87417752565371996429852748778699481461312111184929375183878328219981,411,429,211114,049,23813,684,994336,002,01718751654601997349271140185239296292047874948698227177525653719991,402,079,675135,792,07718,831,796753,429,23323101327811998358068273199901454336002017981193716187516546020001,372,737,435173,151,40330,246,120964,028,73125401636891999295782091273059771753429233987861686231013278120011,350,477,361184,077,18539,005,5581,388,287,507296184761120002648394283098333379640287311001462193254016368920021,253,198,572210,373,76046,252,0061,406,119,719291594405720012460381663605540571388287507966967881296184761120031,111,490,683215,727,94957,530,6672,046,613,868343136316720022312951503643007111406119719914228477291594405720041,043,130,487219,250,627118,481,6462,805,269,792418613255220032258847323712883932046613868787576174343136316720051,170,165,869218,376,960228,405,4122,332,281,819394923006020042418819154448603622805269792694120483418613255220061,055,299,102160,619,715473,614,8992,890,004,906457953862220052367965165601652132332281819819986512394923006020071,216,299,753309,358,765653,370,1384,383,089,618656211827420062144081027752201492890004906699905465457953862220081,543,599,153304,961,321693,337,6297,309,416,2149851314317200727358553010955848734383089618809858253656211827420091,867,712,629313,926,864500,618,4206,266,839,0938949097006200833599089495373251273094162141252174697985131431720101,405,721,926289,003,566294,689,3675,605,609,2627595024121200930804492475958612862668390931614626861894909700620111,666,323,699323,229,474455,993,4259,518,355,62311963902221201026696603153755151256056092621184897316759502412120121,678,950,822397,142,122255,223,0878,779,271,951111105879822011291072674744559846951270693314155627681196390222120131,533,912,049350,484,297306,278,0059,460,153,86111,650,828,212My numbers201211110587982Modified data from NCIS run:NCIS data toResidualSOBNCIS run updated1992for last few yearsSOB there afterRev9,460,153,861Yield1,533,912,049Area306,278,005other350,484,297tot11,650,828,212

Chart147.323.5104.310.84.1

Feedgrain47%Oilseeds24%Food grain10%Spec &Nursery 11%Cotton 4%Other 4%2012

Sheet120122011Feed grain47.346.1Oilseeds23.523.3Food grain1010.1Cotton4.36.1Spec&Nurs.10.810.5Other4.13.9100100

Chart131.724.917.24.12.719.7

Feedgrain32%Oilseeds25%Food grain17%Spec &Nursery 3%Cotton 4%Other 20%2012

Sheet1Acres2012Feed grain31.7Oilseeds24.9Food grain17.2Cotton4.1Spec&Nurs.2.7Other19.7100.3

Chart198.795.237275723294.427424029193.455172413892.618823529488.905272234584.235342884583.901052631683.673511399383.222692694182.433766233880.480.280098280180.219780219880.02579.148271000977.954798073474.903907751473.086536194372.013914095671.907692307765.561877667164.197674418663.623019182763.341549295860.805501569759.585919600158.755210671556.648897058852.831275720252.204897959248.656546489646.523.218236173421.210723659517.789473684214.632478632513.94661921716.43070044712.9

Major field crops (program crops)Series 1Percent

Sheet1Series 1Dry Beans & Peas98.7Tomatoes, Processing95.2Up. Cotton94.4Prunes93.5Table Grapes92.6Citrus Fruit88.9Soybeans84.2Almonds83.9Corn83.7Wheat83.2Cranberries82.4Macadamia Nuts80.4Potatoes80.3Peanuts80.2Blueberries80.0Dry Beans79.1Rice78.0Sorghum74.9Cherries73.1Apples72.0Plums71.9Peaches65.6Figs64.2Avocados63.6Nectarines63.3Sweet Corn60.8Grapes59.6Onions 1/58.8Pears56.6Apricots52.8Walnuts52.2Tomatoes, Fresh48.7Processing Beans46.5Cabbage23.2Fresh Sweet Corn21.2Pumpkins 1/17.8Chile Peppers 1/14.6Peppers 1/13.9Sweet Potatoes6.4Fresh beans, snap2.9

Chart10.27488861350.09192792470.0075687570.00482210050.00554905560.0301930570.41170950970.0835636710.12909751380.20676630480.1122942540.28127852950.0214531630.13108515470.02833134840.10076568840.00903986610.0695975693

20002012

Sheet1Coverage Level200020125027.5%9.2%550.8%0.5%600.6%3.0%6541.2%8.4%7012.9%20.7%7511.2%28.1%802.1%13.1%852.8%10.1%900.9%7.0%To resize chart data range, drag lower right corner of range.

Chart10.0890.30.4820.5330.5780.5770.6450.6420.6760.6530.7160.7260.7480.789

Column1

Sheet1Column119968.90%200030%200148.20%200253.30%200357.80%200457.70%200564.50%200664.20%200767.60%200865.30%200971.60%201072.60%201174.80%201278.90%

Chart10.0091.6112.3573.4520.1891.6212.5993.6420.2451.8663.0063.9520.3221.9043.2833.9240.3071.9533.5984.0520.3081.9693.8884.5280.3542.0483.6745.130.3262.0484.015.0670.3252.434.0375.3370.3968832152.8782895533.1931049576.271168990.4968133742.9345672712.7901528396.2649155210.4777401122.6032.2987295316.4240.4623.1612.0167.477

AGRVegetablesNurseryFruits/Trees/NutsBil. $ in Liability

Sheet1Column1AGRVegetablesNurseryFruits/Trees/Nuts20010.0091.6112.3573.45220020.1891.6212.5993.64220020.2451.8663.0063.95220030.3221.9043.2833.92420040.3071.9533.5984.05220050.3081.9693.8884.52820060.3542.0483.6745.1320070.3262.0484.015.06720080.3252.434.0375.33720090.3972.8783.1936.27120100.4972.9352.7906.26520110.4782.6032.2996.42420120.4623.1612.0167.477AGR461,978,394F&N7,476,797,263V&M3,160,675,084Nur2,016,482,394

Chart1102000200020002000200020002000200020002000200020002000103200120012001200120012001200120012001200120012001103220022002200220022002200220022002200220022002103232003200320032003200320032003200320032003103230200420042004200420042004200420042004103230220052005200520052005200520052005103230232006200620062006200620062006103230237200720072007200720072007103230237120082008200820082008103230237162009200920092009103230237162201020102010103230237162520112011103230237162582012103230237162586

--2013 Premium: $1.1 bil. for 55 prod. $0.1 bil. for 48 prod. (if major field crops & PRF are excluded)Series 1Series 2Series 3Series 4Series 5Series 6Series 7Series 8Series 9Series 10Series 11Series 12Series 13Series 14

Sheet1Series 1Series 2Series 3Series 4Series 5Series 6Series 7Series 8Series 9Series 10Series 11Series 12Series 13Series 142000102001103200210322003103232004103230200510323022006103230232007103230237200810323023712009103230237162010103230237162201110323023716252012103230237162582013103230237162586

Chart1173544474944433628262522232219161617171719181613161616161615151718

Companies

Sheet1Companies198117198235198344198447198549198644198743198836198928199026199125199222199323199422199519199616199716199817199917200017200119200218200316200413200516200616200716200816200916201015201115201217201318

Chart112326323535248677861011991110131011149131212121014148131414141414141314131411

# AIPs

Sheet1Total premium, mil$# AIPs0.110.120.531.722.662.933.023.234.055.537.859.7214.3416.8821.2631.4737.3738.3840.3662.91068.61171.8974.1976.11194.310101.613117.110131.911132.314141.59143.113171.412192.912200.412204.010215.314252.314264.58268.113324.714364.614435.114667.214699.214771.214805.013822.314900.313951.5141077.111To resize chart data range, drag lower right corner of range.

Chart10.33167213580.02248624650.30384294990.03279037530.3280858001-0.02492995350.3275375572-0.00252190360.32031293680.01064965250.33472821910.02606645290.34894642460.05288178620.3695829923-0.02164338570.36325873940.0400021020.36011338420.0686591390.35769878950.06296569310.34558938550.03138881250.3459417375-0.11858825820.3066426420.11232689690.29756129340.10367413320.28762988530.15211195860.25929399420.20844158760.23689511460.1488276340.2160.11765557470.2180.11093773260.2140.11678521160.215-0.01625545590.2140.11027687290.2120.16530771340.210.23204523060.2030.18394866150.2040.2434122540.2040.11217792510.18304182980.24880246780.18001255010.25406034360.1155745490.1392242940.1270521567-0.11779564120.1390.12

1981-2012 avg:A&O: 26.7%UG: 8.8% Total: 35.5%

Expected 2014-23 (CBO baseline):A&O: 13.9%UG: 12.0% Total: 29.9%A&OUGs

Sheet1A&OUGsTotal198133.2%2.2%35.4%198230.4%3.3%33.7%198332.8%-2.5%30.3%198432.8%-0.3%32.5%198532.0%1.1%33.1%198633.5%2.6%36.1%198734.9%5.3%40.2%198837.0%-2.2%34.8%198936.3%4.0%40.3%199036.0%6.9%42.9%199135.8%6.3%42.1%199234.6%3.1%37.7%199334.6%-11.9%22.7%199430.7%11.2%41.9%199529.8%10.4%40.1%199628.8%15.2%44.0%199725.9%20.8%46.8%199823.7%14.9%38.6%199921.6%11.8%33.4%200021.8%11.1%32.9%200121.4%11.7%33.1%200221.5%-1.6%19.9%200321.4%11.0%32.4%200421.2%16.5%37.7%200521.0%23.2%44.2%200620.3%18.4%38.7%200720.4%24.3%44.7%200820.4%11.2%31.6%200918.3%24.9%43.2%201018.0%25.4%43.4%201111.6%13.9%25.5%201212.7%-11.8%0.9%35.5%2014-23 Exp13.9%12.0%25.9%To resize chart data range, drag lower right corner of range.20142023Prem3,4183,4193,4473,5073,5903,7153,7823,8413,8983,939Sub5,7595,7625,8125,9126,0536,2626,3766,4786,5726,643Tot Prem9,1779,1819,2599,4199,6439,97710,15810,31910,47010,58298,185A&O1,3471,3641,3641,3651,3661,3671,3681,3691,3701,37013,650UG1,1011,1021,1111,1301,1571,1971,2191,2381,2561,27011,781A&O/Prem0.1390232724UG/Prem0.1199877782

Chart10.34750.65250.3470.6430.34650.63350.3460.6240.34550.61450.3450.6050.34450.59550.3440.5860.34350.57650.3430.5670.34250.55750.3420.5480.34150.53850.3410.5290.34050.51950.340.510.33950.50050.3390.4910.33850.48150.3380.4720.33750.46250.3370.4530.33650.44350.3360.4340.33550.42450.3350.4150.33450.40550.3340.3960.33350.38650.3330.3770.33250.36750.3320.3580.33150.34850.3310.3390.33050.32950.330.320.32950.31050.3290.3010.32850.29150.3280.2820.32750.27250.3270.2630.32650.25350.3260.2440.32550.23450.3250.2250.32450.21550.3240.2060.32350.19650.3230.1870.32250.17750.31850.17150.31450.16550.31050.15950.30650.15350.30250.14750.29850.14150.29450.13550.29050.12950.28650.12350.28250.11750.27850.11150.27450.10550.27050.09950.26650.09350.26250.08750.2550.0850.24750.08250.240.080.23250.07750.2250.0750.21750.07250.210.070.20250.06750.1950.0650.18750.06250.180.060.17250.05750.1650.0550.15750.05250.150.050.14250.04750.1350.0450.12750.04250.120.040.11250.03750.1050.0350.09750.03250.090.030.08250.02750.0750.0250.06750.02250.060.020.05250.01750.0450.0150.03750.01250.030.010.02250.00750.0150.0050.00750.0025000.00650.00350.0130.0070.01950.01050.0260.0140.03250.01750.0390.0210.04550.02450.0520.0280.05850.03150.0650.0350.07150.03850.0780.0420.08450.04550.0910.0490.09750.05250.1040.0560.11050.05950.1170.0630.12350.06650.130.070.13650.07350.1430.0770.14950.08050.1560.0840.16250.08750.1690.0910.17550.09450.1820.0980.18850.10150.1950.1050.20150.10850.2080.1120.21450.11550.2210.1190.22750.12250.2340.1260.24050.12950.2470.1330.25350.13650.260.140.26650.14350.2730.1470.27950.15050.2860.1540.29250.15750.2990.1610.30550.16450.3120.1680.31850.17150.3250.1750.33150.17850.3380.1820.34450.18550.3510.1890.35750.19250.3640.1960.37050.19950.3770.2030.38350.20650.390.210.39450.21550.3990.2210.40350.22650.4080.2320.41250.23750.4170.2430.42150.24850.4260.2540.43050.25950.4350.2650.43950.27050.4440.2760.44850.28150.4530.2870.45750.29250.4620.2980.46650.30350.4710.3090.47550.31450.480.320.48450.32550.4890.3310.49350.33650.4980.3420.50250.34750.5070.3530.51150.35850.5160.3640.52050.36950.5250.3750.52950.38050.5340.3860.53850.39150.5430.3970.54750.40250.5520.4080.55650.41350.5610.4190.56550.42450.570.430.57450.43550.5790.4410.58350.44650.5880.4520.59250.45750.5970.4630.60150.46850.6060.4740.61050.47950.6150.4850.61950.49050.6240.4960.62850.50150.6330.5070.63750.51250.6420.5180.64650.52350.6510.5290.65550.53450.660.540.6610.5490.6620.5580.6630.5670.6640.5760.6650.5850.6660.5940.6670.6030.6680.6120.6690.6210.670.630.6710.6390.6720.6480.6730.6570.6740.6660.6750.6750.6760.6840.6770.6930.6780.7020.6790.7110.680.720.6810.7290.6820.7380.6830.7470.6840.7560.6850.7650.6860.7740.6870.7830.6880.7920.6890.8010.690.810.6910.8190.6920.8280.6930.8370.6940.8460.6950.8550.6960.8640.6970.8730.6980.8820.6990.8910.70.90.7010.9090.7020.9180.7030.9270.7040.9360.7050.9450.7060.9540.7070.9630.7080.9720.7090.9810.710.990.7110.9990.7121.0080.7131.0170.7141.0260.7151.0350.7161.0440.7171.0530.7181.0620.7191.0710.721.080.7211.0890.7221.0980.7231.1070.7241.1160.7251.1250.7261.1340.7271.1430.7281.1520.7291.1610.731.170.7311.1790.7321.1880.7331.1970.7341.2060.7351.2150.7361.2240.7371.2330.7381.2420.7391.2510.741.260.7411.2690.7421.2780.7431.2870.7441.2960.7451.3050.7461.3140.7471.3230.7481.3320.7491.3410.751.350.7511.3590.7521.3680.7531.3770.7541.3860.7551.3950.7561.4040.7571.4130.7581.4220.7591.4310.761.440.7611.4490.7621.4580.7631.4670.7641.4760.7651.4850.7661.4940.7671.5030.7681.5120.7691.5210.771.530.7711.5390.7721.5480.7731.5570.7741.5660.7751.5750.7761.5840.7771.5930.7781.6020.7791.6110.781.620.7811.6290.7821.6380.7831.6470.7841.6560.7851.6650.7861.6740.7871.6830.7881.6920.7891.7010.791.710.7911.7190.7921.7280.7931.7370.7941.7460.7951.7550.7961.7640.7971.7730.7981.7820.7991.7910.81.80.8011.8090.8021.8180.8031.8270.8041.8360.8051.8450.8061.8540.8071.8630.8081.8720.8091.8810.811.890.8111.8990.8121.9080.8131.9170.8141.9260.8151.9350.8161.9440.8171.9530.8181.9620.8191.9710.821.980.8211.9890.8221.9980.8232.0070.8242.0160.8252.0250.8262.0340.8272.0430.8282.0520.8292.0610.832.070.8312.0790.8322.0880.8332.0970.8342.1060.8352.1150.8362.1240.8372.1330.8382.1420.8392.1510.842.160.8412.1690.8422.1780.8432.1870.8442.1960.8452.2050.8462.2140.8472.2230.8482.2320.8492.2410.852.250.8512.2590.8522.2680.8532.2770.8542.2860.8552.2950.8562.3040.8572.3130.8582.3220.8592.3310.862.340.8612.3490.8622.3580.8632.3670.8642.3760.8652.3850.8662.3940.8672.4030.8682.4120.8692.4210.872.430.8712.4390.8722.4480.8732.4570.8742.4660.8752.4750.8762.4840.8772.4930.8782.5020.8792.5110.882.520.8812.5290.8822.5380.8832.5470.8842.5560.8852.5650.8862.5740.8872.5830.8882.5920.8892.6010.892.610.8912.6190.8922.6280.8932.6370.8942.6460.8952.6550.8962.6640.8972.6730.8982.6820.8992.6910.92.70.9012.7090.9022.7180.9032.7270.9042.7360.9052.7450.9062.7540.9072.7630.9082.7720.9092.7810.912.790.9112.7990.9122.8080.9132.8170.9142.8260.9152.8350.9162.8440.9172.8530.9182.8620.9192.8710.922.880.9212.8890.9222.8980.9232.9070.9242.9160.9252.9250.9262.9340.9272.9430.9282.9520.9292.9610.932.970.9312.9790.9322.9880.9332.9970.9343.0060.9353.0150.9363.0240.9373.0330.9383.0420.9393.0510.943.06

AIPFCIC

Sheet1G LRAIPFCIC2005 SRA Commercial Revenue Fund0.0034.75%65.2500%48.9%0.0134.7%64.3000%48.8%0.0234.7%63.3500%48.7%0.0334.6%62.4000%48.6%0.0434.6%61.4500%48.5%0.0534.5%60.5000%48.4%0.0634.5%59.5500%48.2%0.0734.4%58.6000%48.1%0.0834.4%57.6500%48.0%0.0934.3%56.7000%47.9%0.1034.3%55.7500%47.8%0.1134.2%54.8000%47.7%0.1234.2%53.8500%47.6%0.1334.1%52.9000%47.5%0.1434.1%51.9500%47.4%0.1534.0%51.0000%47.3%0.1634.0%50.0500%47.1%0.1733.9%49.1000%47.0%0.1833.9%48.1500%46.9%0.1933.8%47.2000%46.8%0.2033.8%46.2500%46.7%0.2133.7%45.3000%46.6%0.2233.7%44.3500%46.5%0.2333.6%43.4000%46.4%0.2433.6%42.4500%46.3%0.2533.5%41.5000%46.2%0.2633.5%40.5500%46.0%0.2733.4%39.6000%45.9%0.2833.4%38.6500%45.8%0.2933.3%37.7000%45.7%0.3033.3%36.7500%45.6%0.3133.2%35.8000%45.5%0.3233.2%34.8500%45.4%0.3333.1%33.9000%45.3%0.3433.1%32.9500%45.2%0.3533.0%32.0000%45.1%0.3633.0%31.0500%44.9%0.3732.9%30.1000%44.8%0.3832.9%29.1500%44.7%0.3932.8%28.2000%44.6%0.4032.8%27.2500%44.5%0.4132.7%26.3000%44.4%0.4232.7%25.3500%44.3%0.4332.6%24.4000%44.2%0.4432.6%23.4500%44.1%0.4532.5%22.5000%44.0%0.4632.5%21.5500%43.8%0.4732.4%20.6000%43.7%0.4832.4%19.6500%43.6%0.4932.3%18.7000%43.5%0.5032.3%17.7500%43.4%0.5131.9%17.1500%42.7%0.5231.5%16.5500%42.0%0.5331.1%15.9500%41.3%0.5430.7%15.3500%40.6%0.5530.3%14.7500%39.9%0.5629.9%14.1500%39.2%0.5729.5%13.5500%38.5%0.5829.1%12.9500%37.8%0.5928.7%12.3500%37.1%0.6028.3%11.7500%36.4%0.6127.9%11.1500%35.7%0.6227.5%10.5500%35.0%0.6327.1%9.9500%34.3%0.6426.7%9.3500%33.6%0.6526.3%8.7500%32.9%0.6625.5%8.5000%32.0%0.6724.8%8.2500%31.0%0.6824.0%8.0000%30.1%0.6923.3%7.7500%29.1%0.7022.5%7.5000%28.2%0.7121.8%7.2500%27.3%0.7221.0%7.0000%26.3%0.7320.3%6.7500%25.4%0.7419.5%6.5000%24.4%0.7518.8%6.2500%23.5%0.7618.0%6.0000%22.6%0.7717.3%5.7500%21.6%0.7816.5%5.5000%20.7%0.7915.8%5.2500%19.7%0.8015.0%5.0000%18.8%0.8114.3%4.7500%17.9%0.8213.5%4.5000%16.9%0.8312.8%4.2500%16.0%0.8412.0%4.0000%15.0%0.8511.3%3.7500%14.1%0.8610.5%3.5000%13.2%0.879.8%3.2500%12.2%0.889.0%3.0000%11.3%0.898.3%2.7500%10.3%0.907.5%2.5000%9.4%0.916.8%2.2500%8.5%0.926.0%2.0000%7.5%0.935.3%1.7500%6.6%0.944.5%1.5000%5.6%0.953.8%1.2500%4.7%0.963.0%1.0000%3.8%0.972.3%0.7500%2.8%0.981.5%0.5000%1.9%0.990.8%0.2500%0.9%1.000.0%0.0000%0.0%1.010.7%0.3500%0.6%1.021.3%0.7000%1.1%1.032.0%1.0500%1.7%1.042.6%1.4000%2.3%1.053.3%1.7500%2.9%1.063.9%2.1000%3.4%1.074.6%2.4500%4.0%1.085.2%2.8000%4.6%1.095.9%3.1500%5.1%1.106.5%3.5000%5.7%1.117.2%3.8500%6.3%1.127.8%4.2000%6.8%1.138.4%4.5500%7.4%1.149.1%4.9000%8.0%1.159.7%5.2500%8.6%1.1610.4%5.6000%9.1%1.1711.1%5.9500%9.7%1.1811.7%6.3000%10.3%1.1912.4%6.6500%10.8%1.2013.0%7.0000%11.4%1.2113.7%7.3500%12.0%1.2214.3%7.7000%12.5%1.2315.0%8.0500%13.1%1.2415.6%8.4000%13.7%1.2516.3%8.7500%14.3%1.2616.9%9.1000%14.8%1.2717.6%9.4500%15.4%1.2818.2%9.8000%16.0%1.2918.9%10.1500%16.5%1.3019.5%10.5000%17.1%1.3120.2%10.8500%17.7%1.3220.8%11.2000%18.2%1.3321.5%11.5500%18.8%1.3422.1%11.9000%19.4%1.3522.8%12.2500%20.0%1.3623.4%12.6000%20.5%1.3724.1%12.9500%21.1%1.3824.7%13.3000%21.7%1.3925.4%13.6500%22.2%1.4026.0%14.0000%22.8%1.4126.7%14.3500%23.4%1.4227.3%14.7000%23.9%1.4328.0%15.0500%24.5%1.4428.6%15.4000%25.1%1.4529.3%15.7500%25.7%1.4629.9%16.1000%26.2%1.4730.6%16.4500%26.8%1.4831.2%16.8000%27.4%1.4931.9%17.1500%27.9%1.5032.5%17.5000%28.5%1.5133.2%17.8500%29.1%1.5233.8%18.2000%29.6%1.5334.5%18.5500%30.2%1.5435.1%18.9000%30.8%1.5535.8%19.2500%31.4%1.5636.4%19.6000%31.9%1.5737.1%19.9500%32.5%1.5837.7%20.3000%33.1%1.5938.4%20.6500%33.6%1.6039.0%21.0000%34.2%1.6139.5%21.5500%34.6%1.6239.9%22.1000%35.1%1.6340.4%22.6500%35.5%1.6440.8%23.2000%35.9%1.6541.3%23.7500%36.4%1.6641.7%24.3000%36.8%1.6742.2%24.8500%37.2%1.6842.6%25.4000%37.6%1.6943.1%25.9500%38.1%1.7043.5%26.5000%38.5%1.7144.0%27.0500%38.9%1.7244.4%27.6000%39.4%1.7344.9%28.1500%39.8%1.7445.3%28.7000%40.2%1.7545.8%29.2500%40.7%1.7646.2%29.8000%41.1%1.7746.7%30.3500%41.5%1.7847.1%30.9000%41.9%1.7947.6%31.4500%42.4%1.8048.0%32.0000%42.8%1.8148.5%32.5500%43.2%1.8248.9%33.1000%43.7%1.8349.4%33.6500%44.1%1.8449.8%34.2000%44.5%1.8550.3%34.7500%45.0%1.8650.7%35.3000%45.4%1.8751.2%35.8500%45.8%1.8851.6%36.4000%46.2%1.8952.1%36.9500%46.7%1.9052.5%37.5000%47.1%1.9153.0%38.0500%47.5%1.9253.4%38.6000%48.0%1.9353.9%39.1500%48.4%1.9454.3%39.7000%48.8%1.9554.8%40.2500%49.3%1.9655.2%40.8000%49.7%1.9755.7%41.3500%50.1%1.9856.1%41.9000%50.5%1.9956.5%42.4500%51.0%2.0057.0%43.0000%51.4%2.0157.4%43.5500%51.8%2.0257.9%44.1000%52.3%2.0358.3%44.6500%52.7%2.0458.8%45.2000%53.1%2.0559.2%45.7500%53.6%2.0659.7%46.3000%54.0%2.0760.1%46.8500%54.4%2.0860.6%47.4000%54.8%2.0961.0%47.9500%55.3%2.1061.5%48.5000%55.7%2.1161.9%49.0500%56.1%2.1262.4%49.6000%56.6%2.1362.9%50.1500%57.0%2.1463.3%50.7000%57.4%2.1563.8%51.2500%57.9%2.1664.2%51.8000%58.3%2.1764.7%52.3500%58.7%2.1865.1%52.9000%59.1%2.1965.6%53.4500%59.6%2.2066.0%54.0000%60.0%2.2166.1%54.9000%60.2%2.2266.2%55.8000%60.3%2.2366.3%56.7000%60.5%2.2466.4%57.6000%60.7%2.2566.5%58.5000%60.9%2.2666.6%59.4000%61.0%2.2766.7%60.3000%61.2%2.2866.8%61.2000%61.4%2.2966.9%62.1000%61.5%2.3067.0%63.0000%61.7%2.3167.1%63.9000%61.9%2.3267.2%64.8000%62.0%2.3367.3%65.7000%62.2%2.3467.4%66.6000%62.4%2.3567.5%67.5000%62.6%2.3667.6%68.4000%62.7%2.3767.7%69.3000%62.9%2.3867.8%70.2000%63.1%2.3967.9%71.1000%63.2%2.4068.0%72.0000%63.4%2.4168.1%72.9000%63.6%2.4268.2%73.8000%63.7%2.4368.3%74.7000%63.9%2.4468.4%75.6000%64.1%2.4568.5%76.5000%64.2%2.4668.6%77.4000%64.4%2.4768.7%78.3000%64.6%2.4868.8%79.2000%64.8%2.4968.9%80.1000%64.9%2.5069.0%81.0000%65.1%2.5169.1%81.9000%65.3%2.5269.2%82.8000%65.4%2.5369.3%83.7000%65.6%2.5469.4%84.6000%65.8%2.5569.5%85.5000%65.9%2.5669.6%86.4000%66.1%2.5769.7%87.3000%66.3%2.5869.8%88.2000%66.5%2.5969.9%89.1000%66.6%2.6070.0%90.0000%66.8%2.6170.1%90.9000%67.0%2.6270.2%91.8000%67.1%2.6370.3%92.7000%67.3%2.6470.4%93.6000%67.5%2.6570.5%94.5000%67.6%2.6670.6%95.4000%67.8%2.6770.7%96.3000%68.0%2.6870.8%97.2000%68.2%2.6970.9%98.1000%68.3%2.7071.0%99.0000%68.5%2.7171.1%99.9000%68.7%2.7271.2%100.8000%68.8%2.7371.3%101.7000%69.0%2.7471.4%102.6000%69.2%2.7571.5%103.5000%69.3%2.7671.6%104.4000%69.5%2.7771.7%105.3000%69.7%2.7871.8%106.2000%69.9%2.7971.9%107.1000%70.0%2.8072.0%108.0000%70.2%2.8172.1%108.9000%70.4%2.8272.2%109.8000%70.5%2.8372.3%110.7000%70.7%2.8472.4%111.6000%70.9%2.8572.5%112.5000%71.0%2.8672.6%113.4000%71.2%2.8772.7%114.3000%71.4%2.8872.8%115.2000%71.6%2.8972.9%116.1000%71.7%2.9073.0%117.0000%71.9%2.9173.1%117.9000%72.1%2.9273.2%118.8000%72.2%2.9373.3%119.7000%72.4%2.9473.4%120.6000%72.6%2.9573.5%121.5000%72.7%2.9673.6%122.4000%72.9%2.9773.7%123.3000%73.1%2.9873.8%124.2000%73.3%2.9973.9%125.1000%73.4%3.0074.0%126.0000%73.6%3.0174.1%126.9000%73.8%3.0274.2%127.8000%73.9%3.0374.3%128.7000%74.1%3.0474.4%129.6000%74.3%3.0574.5%130.5000%74.4%3.0674.6%131.4000%74.6%3.0774.7%132.3000%74.8%3.0874.8%133.2000%75.0%3.0974.9%134.1000%75.1%3.1075.0%135.0000%75.3%3.1175.1%135.9000%75.5%3.1275.2%136.8000%75.6%3.1375.3%137.7000%75.8%3.1475.4%138.6000%76.0%3.1575.5%139.5000%76.1%3.1675.6%140.4000%76.3%3.1775.7%141.3000%76.5%3.1875.8%142.2000%76.7%3.1975.9%143.1000%76.8%3.2076.0%144.0000%77.0%3.2176.1%144.9000%77.2%3.2276.2%145.8000%77.3%3.2376.3%146.7000%77.5%3.2476.4%147.6000%77.7%3.2576.5%148.5000%77.8%3.2676.6%149.4000%78.0%3.2776.7%150.3000%78.2%3.2876.8%151.2000%78.4%3.2976.9%152.1000%78.5%3.3077.0%153.0000%78.7%3.3177.1%153.9000%78.9%3.3277.2%154.8000%79.0%3.3377.3%155.7000%79.2%3.3477.4%156.6000%79.4%3.3577.5%157.5000%79.5%3.3677.6%158.4000%79.7%3.3777.7%159.3000%79.9%3.3877.8%160.2000%80.1%3.3977.9%161.1000%80.2%3.4078.0%162.0000%80.4%3.4178.1%162.9000%80.6%3.4278.2%163.8000%80.7%3.4378.3%164.7000%80.9%3.4478.4%165.6000%81.1%3.4578.5%166.5000%81.2%3.4678.6%167.4000%81.4%3.4778.7%168.3000%81.6%3.4878.8%169.2000%81.8%3.4978.9%170.1000%81.9%3.5079.0%171.0000%82.1%3.5179.1%171.9000%82.3%3.5279.2%172.8000%82.4%3.5379.3%173.7000%82.6%3.5479.4%174.6000%82.8%3.5579.5%175.5000%82.9%3.5679.6%176.4000%83.1%3.5779.7%177.3000%83.3%3.5879.8%178.2000%83.5%3.5979.9%179.1000%83.6%3.6080.0%180.0000%83.8%3.6180.1%180.9000%84.0%3.6280.2%181.8000%84.1%3.6380.3%182.7000%84.3%3.6480.4%183.6000%84.5%3.6580.5%184.5000%84.6%3.6680.6%185.4000%84.8%3.6780.7%186.3000%85.0%3.6880.8%187.2000%85.2%3.6980.9%188.1000%85.3%3.7081.0%189.0000%85.5%3.7181.1%189.9000%85.7%3.7281.2%190.8000%85.8%3.7381.3%191.7000%86.0%3.7481.4%192.6000%86.2%3.7581.5%193.5000%86.3%3.7681.6%194.4000%86.5%3.7781.7%195.3000%86.7%3.7881.8%196.2000%86.9%3.7981.9%197.1000%87.0%3.8082.0%198.0000%87.2%3.8182.1%198.9000%87.4%3.8282.2%199.8000%87.5%3.8382.3%200.7000%87.7%3.8482.4%201.6000%87.9%3.8582.5%202.5000%88.0%3.8682.6%203.4000%88.2%3.8782.7%204.3000%88.4%3.8882.8%205.2000%88.6%3.8982.9%206.1000%88.7%3.9083.0%207.0000%88.9%3.9183.1%207.9000%89.1%3.9283.2%208.8000%89.2%3.9383.3%209.7000%89.4%3.9483.4%210.6000%89.6%3.9583.5%211.5000%89.7%3.9683.6%212.4000%89.9%3.9783.7%213.3000%90.1%3.9883.8%214.2000%90.3%3.9983.9%215.1000%90.4%4.0084.0%216.0000%90.6%4.0184.1%216.9000%90.8%4.0284.2%217.8000%90.9%4.0384.3%218.7000%91.1%4.0484.4%219.6000%91.3%4.0584.5%220.5000%91.4%4.0684.6%221.4000%91.6%4.0784.7%222.3000%91.8%4.0884.8%223.2000%92.0%4.0984.9%224.1000%92.1%4.1085.0%225.0000%92.3%4.1185.1%225.9000%92.5%4.1285.2%226.8000%92.6%4.1385.3%227.7000%92.8%4.1485.4%228.6000%93.0%4.1585.5%229.5000%93.1%4.1685.6%230.4000%93.3%4.1785.7%231.3000%93.5%4.1885.8%232.2000%93.7%4.1985.9%233.1000%93.8%4.2086.0%234.0000%94.0%4.2186.1%234.9000%94.2%4.2286.2%235.8000%94.3%4.2386.3%236.7000%94.5%4.2486.4%237.6000%94.7%4.2586.5%238.5000%94.8%4.2686.6%239.4000%95.0%4.2786.7%240.3000%95.2%4.2886.8%241.2000%95.4%4.2986.9%242.1000%95.5%4.3087.0%243.0000%95.7%4.3187.1%243.9000%95.9%4.3287.2%244.8000%96.0%4.3387.3%245.7000%96.2%4.3487.4%246.6000%96.4%4.3587.5%247.5000%96.5%4.3687.6%248.4000%96.7%4.3787.7%249.3000%96.9%4.3887.8%250.2000%97.1%4.3987.9%251.1000%97.2%4.4088.0%252.0000%97.4%4.4188.1%252.9000%97.6%4.4288.2%253.8000%97.7%4.4388.3%254.7000%97.9%4.4488.4%255.6000%98.1%4.4588.5%256.5000%98.2%4.4688.6%257.4000%98.4%4.4788.7%258.3000%98.6%4.4888.8%259.2000%98.8%4.4988.9%260.1000%98.9%4.5089.0%261.0000%99.1%4.5189.1%261.9000%99.3%4.5289.2%262.8000%99.4%4.5389.3%263.7000%99.6%4.5489.4%264.6000%99.8%4.5589.5%265.5000%99.9%4.5689.6%266.4000%100.1%4.5789.7%267.3000%100.3%4.5889.8%268.2000%100.5%4.5989.9%269.1000%100.6%4.6090.0%270.0000%100.8%4.6190.1%270.9000%101.0%4.6290.2%271.8000%101.1%4.6390.3%272.7000%101.3%4.6490.4%273.6000%101.5%4.6590.5%274.5000%101.6%4.6690.6%275.4000%101.8%4.6790.7%276.3000%102.0%4.6890.8%277.2000%102.2%4.6990.9%278.1000%102.3%4.7091.0%279.0000%102.5%4.7191.1%279.9000%102.7%4.7291.2%280.8000%102.8%4.7391.3%281.7000%103.0%4.7491.4%282.6000%103.2%4.7591.5%283.5000%103.3%4.7691.6%284.4000%103.5%4.7791.7%285.3000%103.7%4.7891.8%286.2000%103.9%4.7991.9%287.1000%104.0%4.8092.0%288.0000%104.2%4.8192.1%288.9000%104.4%4.8292.2%289.8000%104.5%4.8392.3%290.7000%104.7%4.8492.4%291.6000%104.9%4.8592.5%292.5000%105.1%4.8692.6%293.4000%105.2%4.8792.7%294.3000%105.4%4.8892.8%295.2000%105.6%4.8992.9%296.1000%105.7%4.9093.0%297.0000%105.9%4.9193.1%297.9000%106.1%4.9293.2%298.8000%106.2%4.9393.3%299.7000%106.4%4.9493.4%300.6000%106.6%4.9593.5%301.5000%106.8%4.9693.6%302.4000%106.9%4.9793.7%303.3000%107.1%4.9893.8%304.2000%107.3%4.9993.9%305.1000%107.4%5.0094.0%306.0000%107.6%To resize chart data range, drag lower right corner of range.

Chart119811.0819821.3419832.0419841.4719851.5519861.6219871.0119882.4519891.4819901.2419911.319921.2219932.1919940.6319951.0219960.8119970.5619980.8919991.0520001.022001120021.3920030.9520040.7720050.620060.7720070.5420080.8820090.5820100.5620110.9120121.57

Column2Loss ratio

Sheet1Column1Column2Loss ratio19811.0819821.3419832.0419841.4719851.5519861.6219871.0119882.4519891.4819901.2419911.319921.2219932.1919940.6319951.0219960.8119970.5619980.8919991.0520001.022001120021.3920030.9520040.7720050.620060.7720070.5420080.8820090.5820100.5620110.9120121.57

Chart10.240.020.350.24-0.081.10.280.1-0.120.380.130.940.470.250.630.440.350.120.440.280.810.50.271.470.550.281.390.670.351.770.63-0.012.890.70.3811.870.890.6961.50.830.9150.760.960.8251.61.3351.5740.812.0131.0984.5191.6192.2771.7051.3711.9291.3671.3831.6626.2561.344-1.31313.265

A&O PaymntsAIP UGsNet Indem.

Sheet1A&O PaymntsAIP UGsNet Indem.19920.240.020.3519930.24-0.081.119940.280.1-0.1219950.380.130.9419960.470.250.6319970.440.350.1219980.440.280.8119990.50.271.4720000.550.281.3920010.670.351.7720020.63-0.012.8920030.70.3811.8720040.890.6961.520050.830.9150.7620060.960.8251.620071.3351.5740.8120082.0131.0984.51920091.6192.2771.70520101.3711.9291.36720111.3831.6626.25620121.344-1.31313.265

Chart10.240.1831313210.1970.240.8162116770.20.28-0.2514925680.2550.380.1548164120.8890.47-0.0986205090.9820.44-0.4299102360.9030.440.0805490040.9460.50.3963824230.9550.550.336470630.9520.670.3441773861.7720.631.1033881791.7410.70.2078432622.0420.89-0.2844092022.4770.83-0.6655069432.3440.96-0.2336026652.6821.335-1.4172488983.8232.013-0.0662719295.6911.619-1.5013098925.4271.371-1.4129257264.7121.3830.5431627437.4621.3444.9082426296.968

A&O PaymntsFCIC ULPrem. Sub.

Sheet1A&O PaymntsFCIC ULPrem. Sub.19920.240.1831313210.197-0.183131321-0.18313132119930.240.8162116770.200-0.816211677-0.81621167719940.28-0.2514925680.2550.2514925680.25149256819950.380.1548164120.889-0.154816412-0.15481641219960.47-0.0986205090.9820.0986205090.09862050919970.44-0.4299102360.9030.4299102360.42991023619980.440.0805490040.946-0.080549004-0.08054900419990.50.3963824230.955-0.396382423-0.39638242320000.550.336470630.952-0.33647063-0.3364706320010.670.3441773861.772-0.344177386-0.34417738620020.631.1033881791.741-1.103388179-1.10338817920030.70.2078432622.042-0.207843262-0.20784326220040.89-0.2844092022.4770.2844092020.28440920220050.83-0.6655069432.3440.6655069430.66550694320060.96-0.2336026652.6820.2336026650.23360266520071.335-1.4172488983.8231.4172488981.41724889820082.013-0.0662719295.6910.0662719290.06627192920091.619-1.5013098925.4271.5013098921.50130989220101.371-1.4129257264.7121.4129257261.41292572620111.3830.5431627437.462-0.543162743-0.54316274320121.3444.9082426296.968-4.908242629-4.908242629

Chart16.17145344832.57507068970.469917241424.18429198470.67533969470.335572519132.0217653430.2281317690.66257400727.0655242070.00183472450.893510851434.05417726401.103235067455.748622559701.201509761447.903470588200.739849673219.27182201830.07461100921.905605504611.13779655177.43340862071.7906120698.91834489050.32288138691.616412408815.19922898030.23788729871.517760286214.39206692162.21481070751.605422562125.73618613862.05436831682.835637623812.61313846155.42314230771.03348269238.16201265821.31164556962.86177215197.92195833330.1708381412.854934294910.11157394370.35214436622.120605633816.53504933590.05422011392.865324478233.06506118145.32110759494.134002109763.12628118393.46196617345.053541226241.00845.77535714297.094157142927.21991295940.91042690527.367764023223.98311334554.83198354667.210806215715.42256917692.04017513136.014667250429.72533333335.18905128215.430589743632.61972849920.85065935926.618092748713.83401274790.31755807376.13322946188.45940789473.1445071777.541821770313.12768005350.269232931710.355904953111.13933641162.95265633255.32246569926.70291972251.6653825576.95670267595.4650.9484.816.6061.13614.7656.1430.1466.385.1770.1428.3256.9420.1428.2275.3150.1428.2765.1560.1428.3865.1560.1428.5455.1270.1418.7855.1280.1418.945.1090.1419.0645.1250.1419.179

CCC Comm. Prog.Disaster & NAPCrop Insurance

Sheet1CCC Comm. Prog.Disaster & NAPCrop InsuranceInflation adjusted19816.1712.5750.470Pr. Received for Crops, 2013=100198224.1840.6750.336CCC CommoditiesDisaster & NAPCrop Insurance198332.0220.2280.6632013=10019847.0660.0020.8941.8948275862198111.69384024084.87931497920.8904121522198534.0540.0001.1032.0973282443198250.72239864741.41640901610.7038057223198655.7490.0001.2021.9837545126198363.52332150160.45255742611.3143841768198747.9030.0000.7401.8347245409198412.96329065690.00336621411.6393462867198819.2720.0751.9062.1175337187198572.110868618702.3361374549198911.1387.4331.7912.38394793931986132.901813867802.864336719719908.9180.3231.6162.3943355121987114.696980776601.7714483461199115.1990.2381.5182.0165137615198838.86189430860.15045412683.8426797239199214.3922.2151.6051.8948275862198921.104204155814.0850277143.3929011445199325.7362.0542.8362.0054744526199017.8855128370.64753037263.2416737906199412.6135.4231.0331.9660107335199129.88184731550.46768898272.983933013519958.1621.3122.8622.1013384321199230.242603344.65406685953.373536129619967.9220.1712.8552.1762376238199356.0080565674.47079362426.1710212842199710.1120.3522.1212.1134615385199426.657383017811.46160268492.1842259209199816.5350.0542.8651.9873417722199516.22070870052.60668803085.6873193398199933.0655.3214.1341.7612179487199613.95229520570.30088320035.0281615225200063.1263.4625.0541.9348591549199719.56447141560.68134975084.1030732246200141.0085.7757.0942.0853889943199834.48200990530.11307002875.9753161319200227.2200.9107.3682.3185654008199976.663506832112.33733596389.5849542586200323.9834.8327.2112.32346723042000146.67184571078.043764956711.7417374368200415.4232.0406.0152.2428571429200191.975982857112.953301020415.9111810204200529.7255.1895.4312.1257253385200257.86205868931.935317541315.6618426722200632.6200.8516.6182.00914076782,00348.18545076189.70813513314.4875247369200713.8340.3186.1331.9246935201200429.68371895873.926711855311.576391082720088.4593.1457.5422.01282051282,00559.831760683810.444628862610.9308024326200913.1280.26910.3561.8532883642200660.45376327251.576517092312.2652342848201011.1392.9535.3221.5566572238200721.53481587810.49432906939.547335946820116.7031.6656.9571.3145933014200811.12068095254.13374807129.914428379920125.4650.9484.8101.4712182062200919.31368189940.396100390915.235795908320136.6061.13614.7651.4498680739201016.15056822744.28096214967.716873091620146.1430.1466.3801.08919722520117.3008015611.81393005967.577221249620155.1770.1428.325120125.4650.9484.8120166.9420.1428.22712013E6.6061.13614.76520175.3150.1428.27612,0146.1430.1466.3820185.1560.1428.38612,0155.1770.1428.32520195.1560.1428.54512,0166.9420.1428.22720205.1270.1418.78512,0175.3150.1428.27620215.1280.1418.94012,0185.1560.1428.38620225.1090.1419.06412,0195.1560.1428.54520235.1250.1419.17912,0205.1270.1418.78512,0215.1280.1418.9412,0225.1090.1419.06412,0235.1250.1419.179To resize chart data range, drag lower right corner of range.CCC expenditures on price support and related programs (fiscal year, mil. $)197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013E2014E2014201520162017201820192020202120222023Commodity/ProgramFeed Grains:Corn1,6978671,257(666)4,2815,720(934)4,40310,52412,3468,2272,8632,4352,3872,1055,1436252,0902,0212,5872,8735,40210,1366,2972,9591,4152,5046,2438,8043,1951,8562,1751,9651,8631,5712,0452,0212,0211,9853,0992,1091,9792,0242,0072,0142,0022,002Grain Sorghum38819068104988814764631,1851,203764467349243190410130153261284296502979478208106213376578150203197182196144191191191190198193191192191191191190Barley17897(27)49129268893364713945745(94)711741862021291141091682243972179745119189159587084798165857979788279787978797979Oats25(10)(12)(20)(1)11522617(2)1(5)123216519881741613674532233243433343233333Corn and Oat Products0267577889910101006825202-1-19-1-220000000000000Total Feed Grains2,2881,1441,286(533)5,3976,815(758)5,21112,21113,9679,0533,3842,6932,7222,5105,7659722,3922,4042,9883,3546,16911,5797,0363,2961,5722,8416,8139,5423,4042,1412,4582,2262,1461,7832,3252,2942,2942,2563,3832,3842,2502,2982,2792,2872,2752,274Wheat and Products8443088791,5432,2383,4192,5364,6913,4402,836678537962,8051,7192,1851,7298031,4911,3322,1873,4355,3212,9221,1901,1181,1731,2321,0807298691,2241,2801,3789051,2541,0861,0861,0861,3331,1271,1031,1071,1071,1071,1071,107Rice(66)49(76)241646643339909479061286316678677158878368144994594919111,7741,4231,0851,2791,130473605337301411535364396374447447430428428428429428427428428Upland Cotton224141643361,1901,3632441,5532,1421,7866661,461(79)3821,4432,2391,539996855611,1321,8823,8091,8683,3072,8891,3724,2453,9822,5921,6042,1761,668678523671703703717697683675669665662655648Tobacco98157(88)(51)103880346455253(346)(453)(367)(307)(143)29235693(298)(496)(156)376113657386-13717918-41177301-172212562111000000000Dairy240241,0111,8942,1822,5281,5022,0852,3371,1661,2956795058392322531584(98)672914806841,1406222,494549404121590994355304033703737373431292623212018555555555Soybeans31411687169288(585)7111,597(476)(1,676)(86)540(29)109(183)77(65)51391,2892,8403,2813,4479075951,140591337446596550521431565551551572989583592548546546546572Peanuts(39)27282812(6)11232871314841(13)371201006(11)21351361291,562259408404336144981037771756363706868686868686868Sugar395313(405)(121)(5)4910184214(65)(246)(25)15(20)(19)(35)(24)(3)(63)(34)(30)-5146531-130-8461-861025-3500001100000000000Honey3(2)9827489081897310042471917220(9)(14)(2)2723-3138-1-3-2-1000000000000000Wool & Mohair33393542549413210912315251/9310417219117921110855010-238-1201278769830011456666555Tobacco Trust Fund8998919349601,130937932891960960960000000000Subtotal commodities4,0512,2042,8593,25711,53116,1423,85116,08223,38520,0079,55705,8784,44707,7316,84911,8265,9684,1074,4985,2267,92914,26127,16918,28412,80511,9378,01314,76817,6018,8876,4358,9237,6836,1545,4656,6066,1436,1435,1776,9425,3155,1565,1565,1275,1285,1095,125Operating Expense1019715715929432836234645753561462061862566666654605558161014284014610101212121212121212121212Interest Expenditure(106)238518220(13)3,5251,0641,4351,4111,21942598632745532129(17)(1)140(111)76210736428218498871366513-29-17-29-59-620-2-2-5286095120125122127129Export Programs 1/948417(669)(940)65398743134102276200(102)(34)7331,4592,1931,9501,361(422)125212165216-2,047-9636765-1,443-6291601053374055514544662421982022012052092082082082082081988-2005 Disaster/Tree/Livestock Assistance 2/3,9191613/1211,0549442,5666609513032,2411,4522,5112482,1699362,4693937620000000000000000Conservation Reserve Program232670000000021,6711,6931,4621,5111,6581,7851,7891,8011,8281,8961,9631,9911,9161,9111,8911,9132,1532,1602,1602,2062,2982,3732,4532,5242,5972,6952,7052,801Other Conservation Programs000000008515624721522924915996222215101082913665555221100Other662656(113)1,340(225)(1,542)1,295(314)4631041,665110647155(162)949(137)(103)32010428588858978374848-4312,461542-57655123423340136896563607560567553548547548545544545Total5,6563,6122,7524,03611,65218,8517,31517,68325,84122,40812,46110,5236,47110,1109,73816,04710,3366,0304,6467,23610,10219,17832,21722,04615,63817,39910,57420,18620,20511,0409,07311,44310,0158,9127,92910,1379,1249,1238,15710,0538,5238,4758,5698,6188,7118,7058,820Disaster5263672581,0303061151000640000000000000000000000000000Noninsured Assistance (NAP)00000002522354386418123712411066127746299712542251681461421421421421421411411411411988-2005 Crop Disaster 2/00000000003,38653/69608722,461577142(2)1,9131,2511,8482301,8678042,395178591000000Emergency Livestock/Tree/Cottonseed/Livestock Indemnity/Forage Assist. 2/70233291600000315331561159472105838112853282016631730113273215181000000Disaster2005-2007 Crop Disaster1,910114110002005-2007 Livestock Compensation337200000Catfish Grants19000000Dairy Disaster Assistance12000000Livestock Indemnity38200000Ag disaster relief trust fund319371457694911total disaster & NAP526.0437.0281.01359.0322.0115.01.00.00.00.037.00.03923.0161.0121.01054.0944.02566.0660.097.0182.026.02295.01490.02575.0428.32405.01060.02578.0459.0204.02392.0183.02036.51529.0948.01136.0168.0146.0142.0142.0142.0142.0142.0141.0141.0141.0141.0Index of prices received for all crops 1910-14=1002013=10019815801.894827586219825242.097328244319835541.983754512619845991.834724540919855192.117533718719864612.383947939319874592.39433551219885452.016513761519895801.894827586219905482.005474452619915591.966010733519925232.101338432119935052.176237623819945202.113461538519955531.987341772219966241.761217948719975681.934859154919985272.0853889943119994742.31856540080.9020004732.32346723040.9020014902.24285714290.9320025172.12572533850.9820035472.00914076781.0420045711.92469352011.0820055462.01282051281.0420065931.85328836421.1320077061.55665722381.3420088361.31459330141.5920097471.47121820621.4220107581.44986807391.44201110091.0891972251.912012109912.09201310991201410991201510991201610991201710991201810991201910991202010991202110991202210991202310991202410991