Global natural catastrophe losses made 2008 the third most expensive year on record for insured and economic losses, according to Munich Reinsurance Co. Overall losses were $200 billion, a figure exceeded only in 2005, when Hurricanes Katrina, Rita and Wilma struck the United States, and in 1995, the year of the Kobe earthquake in Japan. Last year's most expensive catastrophe was the earthquake in Sichuan, China, with economic losses of at least $85 billion. Insured natural catastrophe losses totaled $45 billion, the most severe being Hurricane Ike, with industry losses of $15 billion. The full report is available at www.munichre.com.
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