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Extreme weather drives up natural catastrophe losses

October’s hail storm in eastern Australian states and other major catastrophes globally led to $US116 billion ($162 billion) in insured losses last year, the third highest since 2011, according to estimates from reinsurance broker Gallagher Re.

Gallagher Re says a series of extreme weather events in the US and worst ever floods in Europe were some of the key major catastrophes.

Tropical cyclones comprised 35% of overall losses, followed by severe thunderstorms at 25% and flood at 18%.


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