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Global drought losses likely to exceed $8 billion as El Nino intensifies: Aon Benfield

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Aon Benfield has said that with the El Nino weather phenomenon getting stronger in the coming months, global economic losses from drought are likely to exceed the previous forecast of $8 billion, Artemis.bm reported.

The increased global economic losses are expected to affect crop insurance, reinsurance and any insurance-linked securities investors exposed to agricultural lines. Combined economic losses of over $2.6 billion have been recorded in Czech Republic, Romania, and Poland due to drought.

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