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A man stands near a fishing boat that was lifted by an earthquake-triggered tsunami, in Coquimbo, Chile, Friday, Sept. 18, 2015. Parts of this port city were a disaster zone after an 8.3-magnitude quake hit off the coast, killing at least 12 people and likely causing billions in damage. (AP Photo/Felix Marquez)

(Bloomberg) — Costs from natural catastrophes fell last year to the lowest level since 2009 as the weather effect known as El Nino reduced heavy storms in the North Atlantic, according to Munich Re, the world’s largest reinsurer.

Global losses declined to $90 billion from $110 billion a year earlier, the company said in a statement from Munich on Monday. Insured losses slipped to $27 billion from $31 billion over the period.

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