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Insurer: Camp Fire was costliest natural disaster of 2018

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German insurance company Munich Re reports the Camp Fire in California was the world's costliest single natural disaster last year.

The company announced the fire caused overall losses of $16.5 billion. Of those, some $12.5 billion in losses were insured.

Losses from all natural disasters reached $160 billion in 2018.

Read more from Time.

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