LONDON (Reuters) – Farmers have spent 20 percent more on agricultural insurance in recent years to protect against crop losses from increasingly frequent bad weather events, according to reinsurer Swiss Re.
The rise in extreme weather disasters, such as the widespread drought in the United States last year, has reduced food output at a time when the world's population is expected to grow by a third by 2050, the world's second biggest reinsurer said in a report on Wednesday.
Global agricultural insurers took in $23.5 billion in annual premiums in 2011, up by a fifth from 2005, in a market dominated by emerging countries, Swiss Re said.
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