Syngenta Seeds, Inc. and John Deere Risk Protection, Inc. announced today that the U.S. Department of Agriculture’s Federal Crop Insurance Corporation (FCIC) has approved Syngenta Agrisure® and other approved biotech corn seed brands for a broadened crop insurance endorsement that provides insurance premium discounts to farmers. This extends the program for discounts of certain federally-reinsured crop insurance policies and simplified terms to growers who use multiple biotech corn suppliers.
John Deere Risk Protection, which insures growers against yield risks, and Syngenta, jointly submitted the insurance proposal to the FCIC earlier this year. The crop insurance premium discount for growers of Agrisure seeds will initially be offered in Iowa, Illinois, Indiana, Minnesota, Nebraska, South Dakota and Wisconsin. Additional program details will be announced this fall.
“The FCIC’s approval of Agrisure and other traited corn seeds acknowledges reduced risk for growers,” said Steve Ligon, Head, Syngenta Seeds Corn and Soybean Commercial Operations. “We worked with John Deere Risk Protection to create a better opportunity for growers to access crop insurance discounts. A unified endorsement aligns with growers’ preferences for choice and the crop insurance industry’s need for consistent policies across seed brands.”
Mark Raymie, Director of Business Operations, John Deere Risk Protection, a managing general agent, said that approval of additional biotech seeds for a premium discount balances the interests of seed suppliers, insurers, agents, the Risk Management Agency and growers to create fair competition and broad choice. “The approval of this endorsement by the FCIC should spark additional discussions regarding how technology can impact risk reduction regardless of the technology provider,” said Raymie. “We look forward to conversations that take into consideration the value of choice for growers, importance of market competition, and implementation considerations faced by the crop insurance industry.”
Ron Litterer, President of the National Corn Growers Association, said the FCIC decision is a win for growers and the industry overall. “We applaud the work of Syngenta, John Deere Risk Protection and the FCIC and RMA in extending access to the Risk Management Biotechnology Endorsement to growers across a wider portion of the Corn Belt.”