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Property-casualty insurers’ catastrophe losses in 2006 were the lowest in 19 years at $15.9 billion, when adjusted for inflation, according to Swiss Re’s latest sigma study.

The Zurich-based reinsurer said last year’s catastrophe loss total was low despite a recorded 349 natural catastrophes and man-made disasters because most of them impacted developing countries with low property values. The disasters killed more than 31,000 people.

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