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Natural catastrophe losses of $520 billion underline importance of disaster risk finance

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A report by the World Bank and the Global Facility for Disaster Reduction and Recovery has said that the $520 billion in losses from natural catastrophes every year underline the importance of disaster risk finance and improved disaster resilience, Artemis.bm reported. The figure highlights the importance of integrating disaster risk financing and risk transfer, as well as insurance, reinsurance and capital markets capacity, into the disaster resilience plans of countries around the world. Nations can save $100 billion a year by improving resilience and preparedness against natural disasters, the report said.

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