The current US drought and subsequent failure of crops are likely to result in around 19 billion in losses this year.
According to the National Crop Insurance Services (NCIS), US crop insurers will have the money necessary to quickly pay out claims in 2012, even amid record payouts in 2011.
Australian Insurer QBE offer crop insurance products in the United States. QBE acquired NAU Country Insurance Company, the third biggest US provider of multi-peril crop insurance in 2010.
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