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According to U.S.-based actuarial and consulting firm Milliman Inc., record-breaking extreme weather caused by climate change resulted in above-average number of claims and led to major losses for insurers and reinsurers in Europe in 2022, Reinsurance News reported. The report highlights drought as the costliest peril of the year as it alone costed an estimated €19 billion ($20.7 billion) in insured and reinsured losses to European agriculture, livestock and energy sectors.