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Drought in Brazil third most costly natural disaster worldwide in 2014 first half: Aon

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The drought in Brazil was the third-most expensive natural catastrophe in the world during the first half of 2014, leading to economic losses of $4.3 billion, Aon Benfield Inc. said.

Severe winter weather in Japan during February and the Balkan peninsular flooding in May were named the top two most costly disasters at $6.25 billion and $4.5 billion respectively, BNamericas reported. Insured losses from global disasters for the period amounted to $22 billion.

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