U.S. farmers collected a record $10 billion in crop insurance indemnities for their 2011 crops, said a trade group on Monday, calling insurance a sound safety net as Congress prepares to overhaul crop subsidies.

Five percent of claims on 2011 crops are outstanding, so the pay-out is likely to climb above the current $10.08 billion, said National Crop Insurance Services (NCIS). The payment record was $8.67 billion in 2008.

Read More: Reuters

Comments