(Bloomberg) – Munich Re, the world’s biggest reinsurer, reported a bigger-than-expected drop in fourth-quarter earnings as claims from natural disasters rose while prices continue to fall.

Net income declined to about 500 million euros ($530 million) from about 700 million euros a year earlier, according to a statement Tuesday. That missed the 630 million-euro estimate of nine analysts surveyed by Bloomberg. The company proposed a dividend of 8.60 euros a share for 2016, after paying out 8.25 euros for the prior year.

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