Munich Re says economic losses from natural disasters decreased from $350 billion in 2017 to $160 billion last year, with 2018's costliest natural disaster being the Camp Fire in Northern California, which caused $16.5 billion in losses. "Higher and higher temperatures are leading to ever greater droughts, and high humidity in the winter means that shrubbery grows quickly, creating an easily flammable material in dry summers," said Ernst Rauch, Munich Re's chief climatologist.
Report: Calif. wildfire was 2018's costliest natural disaster
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