AIR Worldwide, a catastrophe modeling firm, estimates that losses resulting from farmer claims for the crop insurance industry may exceed $13 billion with the potential to reach as high as $20 billion.

Although the 2012 growing season began on a very promising note it became clear by the end of June that the crop insurance industry was facing one of the worst agricultural droughts. By the end of July 2012, the area of the contiguous U.S. affected by severe to extreme drought increased to 42 percent, according to AIR. No relief has yet appeared on the horizon.

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