The net loss ratios of US crop insurers could exceed 120 percent for 2012, gross of private reinsurance, ratings agency Standard & Poor's (S&P) has said.
In a report S&P said that underwriting losses on this scale are likely to result in a total private (re)insured loss in excess of $5bn - making it far and away the biggest loss event of 2012 so far.
"Standard & Poor's Ratings Services believes that crop insurers will see some of the worst...
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