2012 U.S. Drought Worsens, Claims from Crop Insurance Expected to Exceed $13 billion: AIR

US drought 2012

BOSTON, August 28, 2012 – According to catastrophe modeling firm AIR Worldwide, the drought in the U.S. agricultural heartland continues to deteriorate crops in the Corn Belt with no meaningful precipitation relief in sight. After the hottest July on record, insured losses from the 2012 drought are now expected to surpass losses of other historical droughts.  AIR estimates that losses resulting from farmer claims for the crop insurance industry may exceed USD 13 billion with potential losses as high as USD 20 billion. Although the 2012 growing season began on…

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