AIR Worldwide says 2012 U.S. crop insurance losses up to $20 billion

(Reuters)—The drought that ravaged U.S. farmland this summer will likely cause total crop insurance losses of more than $13 billion, and perhaps up to $20 billion, disaster modeler AIR Worldwide said on Tuesday.

After recoveries from the federal government, AIR estimated crop insurers and their reinsurers would ultimately be responsible for about $1 billion to $3 billion in losses.