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Record insurance pay-outs

This article was originally published in The Public Ledger

FOLLOWING last year’s devastating drought, crop insurance firms in the US have already paid out a record amount in indemnities, and analysts expect the total to rise even further over coming weeks. The USDA said in a weekly update that indemnities so far have reached $11.58bn, already 5% more than the $11.06bn insurers collected in premiums in 2012. The last year in which pay-outs exceeded premiums was 2002.


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