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The Boston Globe

Business

Europe’s flooding is costliest disaster this year

Reinsurer says damage at $16b

BERLIN — Last month’s flooding in central Europe caused more than $16 billion in damage, about one-quarter of it insured — making it the year’s costliest natural disaster so far, a leading insurance company said Tuesday.

Natural disasters worldwide cost the insurance industry a total of about $13 billion in the January-to-June period, while the overall cost of disasters was some $45 billion, Munich Re AG said in a regular review of disaster costs.

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