The cost of natural disasters in Australia is set to nearly quadruple by 2050 but can be dramatically reduced by national investment in preventive measures, a German reinsurer says. Munich Re says that as Australias population density increases along with the severity and frequency of storms, floods, cyclones and bushfires, costs are projected to soar from $A6.3 billion a year currently to about $A23 billion a year in 2050.
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