Agriculture insurer braces for largest payout due to drought damage

Spain-based agriculture insurer Agroseguro SA is gearing up to make one of its largest-ever claims payouts of over €300 million ($321.7 million) for extensive damage caused by severe drought in the country, Reinsurance News reported. The drought has damaged an estimated 1.5 million hectares of arable crops in Spain. The report also adds that wildfires burned down over 12,000 hectares of land in the third week of May alone.