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International

Natural disasters to cost $1.2 billion annually

January 23, 2018 Reprints

Tim Grafton, chief executive of the Insurance Council of New Zealand, said that natural disasters are expected to cost the country nearly $1.2 billion annually based on data going back to 1900, Asia Insurance Review reported citing Stuff.co.nz. Mr. Grafton said that the cost is likely to increase without risk reduction measures. The risks would keep getting worse for some areas leading to higher costs and eventually insurance would not be provided.

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Natural disasters to cost $1.2 billion annually

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