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Brazil: Drought boosts crop insurance claims to record levels

March 21, 2014 - 6:00am

Banco do Brasil e Mapfre, a crop insurance joint-venture in Brazil, said crop insurance claims have reached record levels since December 2013 in Brazil, reported.

The southern part of the country saw significant drought in grain-planting areas, triggering 2,000 claims with payments reaching 275 million Brazilian reais ($117 million). Insurance broker Bruno Kelly said the number of insured farms will triple in 10 years from 8% to 10% of all farms currently.

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