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Record disaster insurance costs in 2011

The devastating earthquakes in Japan and New Zealand made 2011 the costliest year yet for the insurance industry in terms of natural disaster losses, a leading reinsurance company said Wednesday.

Munich Re AG said in an annual report that insured losses last year totaled $105 billion -- exceeding the previous record of $101 billion set in 2005, when losses were swollen by claims from Hurricane...

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