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Natural hazards cause nearly $1.5 billion of insurance loss

Flooding in Laos

The German Insurance Association said that natural hazards caused €1.3 billion ($1.45 billion) worth of insurance losses in the first half of the year, Xinhua reports. Damage to residential buildings cost insurers €730 million. Storm and hail damage to houses accounted for the largest share of the loss at €660 million.

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