A leading insurance company says natural disasters cost the industry $65 billion last year and that Superstorm Sandy accounted for nearly two-fifths of the total. However, Munich Re AG said Thursday total insured losses from natural catastrophes were down from a record $119 billion in 2011, when devastating earthquakes in Japan and New Zealand cost the industry dear. The company said total economic costs in 2012 from natural disasters including uninsured losses amounted to $160 billion, compared with the previous years $400 billion.
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