Fraction of $3 billion in drought losses insured: Swiss RePosted On: Mar. 30, 2017 5:00 AM CST
Swiss Re Ltd. has said that drought in the Indian state of Tamil Nadu in 2016 caused $3 billion worth of damage, The Times of India reported. However, only $400 million of these losses were insured. The drought that affected all 32 districts in Tamil Nadu led to severe water shortages for paddy and rabi crops. It also hit the animal husbandry industry as farmers spent more money on improving their water resources than feeding livestock.