AIR Worldwide Says 2012 US Crop Insurance Losses up to $20 Billion

The drought that ravaged U.S. farmland this summer will likely cause total crop insurance losses of more than $13 billion, and perhaps up to $20 billion, disaster modeler AIR Worldwide said on Tuesday.

Aug 28 The drought that ravaged U.S. farmland this summer will likely cause total crop insurance losses of more than $13 billion, and perhaps up to $20 billion, disaster modeler AIR Worldwide said on Tuesday.

After recoveries from the federal government, AIR estimated crop insurers and their reinsurers would ultimately be responsible for about $1 billion to $3 billion in losses.

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