Crop-insurance losses in 2012 due to drought conditions amount to a record $14.2 billion, and are continuing to climb, industry officials were told Wednesday.
However, the total losses will still be less than the $16 billion projected by the Congressional Budget Office last summer, industry officials say.
And the CBO is now projecting total indemnities, and the taxpayer-funded portion of those losses, will be much lower than crop-insurance critics warned about over the summer
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