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A report by Munich Reinsurance Co. has warned that natural disasters such as floods and storms are increasing in frequency in Australia, reports The Fifth Estate.
The report said that earthquakes of more than a 6-magnitude are likely to hit the country's major cities and may result in multi-billion-dollar payouts. Natural disasters could cost Australia $23 billion annually by 2050, up from the current $6.3 billion unless appropriate mitigation measures are taken, said the report.