(Bloomberg) – The deadliest mass shooting in modern U.S. history is adding to soaring costs for insurance companies, which are already taking a beating this year from an onslaught of hurricanes, earthquakes and wildfires. 

The industry may have to shell out more than $1 billion for the Las Vegas massacre, insurance executives say. Acts of a solo gunman, who killed almost 60 people and injured about 500 others when he fired into the crowd of a country music festival last month from his Mandalay Bay hotel room, have resulted in multiple lawsuits. 

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