【正文】 ticipation rate with over 215 million acres enrolled and a total liability estimated in excess of $46 billion for 2021 (Davidson). Over Amer. J. Agr. Econ. 86 (Number 5, 2021): 1179–1195 Copyright 2021 American Agricultural Economics Association 1180 Number 5, 2021 Amer. J. Agr. Econ. 57% of participating acres are enrolled at coverage levels in excess of 65%. The loss performance of the crop insurance program has improved as well. Over 1994–2021, the aggregate loss ratio for the program was 98%, which prompted the Secretary of Agriculture to conclude, ―the program on a national scale is financially sound, properly rated, and effectively managed‖ (Glickman). And, new reinsurance agreements negotiated between the private panies and the government have resulted in panies retaining more risk and facing larger possible underwriting losses in event of widespread crop losses. Yet, have the program reforms since 1994 really addressed the fundamental failures raised fifteen years ago? Despite large gains in participation, Congress continues to pass ad hoc disaster legislation。 two years after passage of the Agricultural Risk Protection Act, Congress passed supplemental disaster assistance to cover 2021 crop losses. The costs of the program have risen dramatically as well. Expected annual costs of the program are over $3 billion—pared with less than onethird of that cost fifteen years ago. Increased subsidies have, in turn, raised concerns about the distorting effects of crop insurance on production. While the aggregate actuarial performance has improved, large regional disparities exist. Finally, as private panies have taken on more risks, they have e under increasing criticism for the large underwriting gains they earn from the program. In the following sections, the paper reconsiders the crop insurance program and the problems of agricultural insurance more generally. It draws on the large literature that has emerged on crop insurance, particularly over the past ten years. Economic research on crop insurance can be traced at least as far back as Valgren’s 1922 study of private insurance However, the amount of research on crop insurance has increased dramatically over the past ten years, paralleling the growth n the program itself. For example, over 1981– 93, ten journal articles were published in the American Journal of Agricultural Economics. Since 1994, fiftyone articles have been published, including over twenty in 2021 and 2021 alone. The paper is anized as follows. The next section examines the demand for crop insurance and why participation in the crop insurance program has depended on large subsidies. The following section examines the problems of rating agricultural production risks and how subsidies mask actuarial performance. The unintended effects of subsidized crop insurance on production are considered in section ―Effects of Crop Insurance on Production.‖ The section ―Alternative Crop Insurance Plans‖ examines alternatives means to manage production risks, including area yield options and weather derivatives. Summary and conclusions are offered in the final section. The Demand for Crop Insurance Table 1 shows the growth of the crop insurance program since 1981