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Catastrophic weather events pummeling agricultural sector

January 17, 2014 - 6:00am


Extreme weather, which is happening at greater frequency, is have a devastating effect on the world's agricultural industries and it seems no country is immune, according to a report by Bloomberg.

The number of earthquakes and weather events leading to insured losses increased to 880 in 2013, 40% more than the last 30 years' average, Munich Reinsurance Co. said. Munich Re said the July 2013 hailstorm in Reutlingen, Germany, resulted in insured losses of $3.7 billion. Peter Kendall, president of the U.K. National Farmers Union, said "extreme weather events are a massive risk to agriculture."

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