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Munich Reinsurance Co. has said that the earthquake that struck Nepal on April 25, 2015, was the costliest natural catastrophe of 2015 in terms of losses, reported Asia Insurance Review.
Only a small part of the $4.8 billion losses caused by the quake and the aftershocks was insured.
Globally, natural catastrophes caused losses of $90 billion in 2015, around $27 million of which were insured.
"Just like in Nepal, the proportion of insured losses for catastrophes in other developing and emerging countries remains very low," a Munich Re official said.