In July, severe drought and heat waves effected great swaths of the United States, causing billions in insured losses, according to Aon Benefield’s “July 2012 Global Catastrophe Recap.” Up to 64 percent of the continental United States is experiencing at least moderate drought, according to the National Climatic Data Center, and half of all U.S. counties have been declared disaster areas.

Half of the nation’s corn crop and more than one-third of soybeans are in poor to very poor condition, according to the U.S. Department of Agriculture. Crop losses could be in the billions of dollars.

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