(Re)insured loss estimates from the severe drought in the US
range from $5bn to $20bn, reflecting the huge uncertainty that
surrounds the fiendishly complicated loss.
However, only a modest slice of these losses will end up with private insurers and reinsurers due to the intervention of the federal backstop scheme.
Cat modelling firm AIR Worldwide said today (28 August) that it expects losses to exceed $13bn and warned that they may rise as high as $20bn, based upon forecast loss...
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