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U.S. Crop-Insurance Claims Rise to Record After 2012 Drought

The worst U.S. drought since the 1930s led to record payouts on crop-insurance claims, with farmers collecting $11.581 billion as of yesterday for damage in 2012, government data show.

Payments are up 6.8 percent from 2011, when claims reached the previous record of $10.843 billion, according to a Risk Management Agency report published today on the U.S. Department of Agriculture website. In 2010, the total was $4.251 billion.