USA - Michael crop losses unlikely to fall to reinsurers

Hurricane Michael is expected to bring crop losses of up to about $2bn to the southeastern US – but that damage is unlikely to trickle into reinsurance.

The US Department of Agriculture reported that Michael severely damaged cotton, timber, pecan and peanut crops, impacting up to 3.7mn acres of crop. RMS estimated liabilities could reach up to $1.9bn, but privately industry sources suggest losses closer to $1.3bn.