Livestock insurance products see big increase in demand

Livestock Risk Management products are in high demand, showing “astronomical” growth, according to USDA’s Risk Management Agency Administrator Marcia Bunger.

Bunger tells the National Cattlemen’s Beltway Beef podcast that insurance products like Livestock Risk Protection and Livestock Gross Margin are very popular.

Livestock risk management policies are not the only current popular risk management tool says Bunger.

While such insurance products are not mandated by the government, Bunger says they may be a financial necessity.

Support for these types of risk management tools is likely to be a hot topic during the crafting of a new farm bill this year. This month through March, the RMA is hosting a series of in-person and virtual workshops for producers on risk management tools, with the schedule posted at rma.usda.gov.