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Friederike tops first-half cat losses

Insurers sustained losses of $US2.1 billion ($2.8 billion) from Storm Friederike, making it the industry’s most costly natural disaster in the first half of the year, Munich Re says.

The storm, which hit Europe in January, also inflicted the heaviest overall damage in the period, at $US2.7 billion ($3.6 billion).

Insured losses fell to $US17 billion ($22.9 billion) from $US25.5 billion ($34.4 billion) in the corresponding half last year, and overall losses declined by half to $US33 billion ($44.5 billion) – the lowest figure since 2005.

Overall winter losses in Europe totalled $US4.8 billion ($6.5 billion), with $US3.6 billion ($4.9 billion) borne by insurers.