Drought-related crop-insurance losses could reach as high as $20billion, according to the latest estimates.
“Although the 2012 growing season began on a very promisingnote, it became clear by the end of June that the crop-insuranceindustry was facing one of the worst agricultural droughts,” sayscatastrophe modeler AIR Worldwide, which issued a loss estimate ofbetween $13 billion and $20 billion resulting from farmerclaims.
AIR says it expects a gross loss ratio of the industry ofbetween 120 percent and 180 percent.
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