Home Bisnis Insurers, officials counting the cost of devastating Midwest derecho – S&P Global

Insurers, officials counting the cost of devastating Midwest derecho – S&P Global

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Early indications show that the derecho that tore through several Midwest states Aug. 10 did heavy damage to crops and grain storage structures, with Iowa’s corn and soybean industries taking an especially hard hit.

Diane Weidner, vice president for communications for Great American Insurance Group subsidiary American Financial Group Inc., said it will take several weeks for crop insurers to calculate the extent of the damage. She said in an email that the storm was “unique” in that it came when the corn crop was at a later stage of maturity and therefore more vulnerable to wind damage.

What will be important is how well the crops can recover, and if farmers may still be able to get a combine under it,” she said, adding that losses by insurers will vary based on the types of coverage offered to farmers and the locations of covered crops.

Iowa’s Department of Agriculture and Land Stewardship reported that 57 counties containing about 14 million acres of insured crops were in the path of the storm, 8.2 million acres of corn and 5.6 million acres of soybeans. In northern Illinois, a report by DTN/The Progressive Farmer estimated that there were 6.95 million acres of corn…



Read More: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/insurers-officials-counting-the-cost-of-devastating-midwest-derecho-59959672

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Source: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/insurers-officials-counting-the-cost-of-devastating-midwest-derecho-59959672

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