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Philippine floods hit business hard

20 August 2013 Last updated at 02:50 BST

Businesses in the Philippines are still dealing with the aftermath of Tropical Storm Trami.

It's capital Manila came to a standstill on Monday after torrential rains caused widespread flooding. Financial markets, government offices and schools were shut while some flights were also cancelled. Such natural disasters can be extremely costly.

According to one survey, global economic losses from natural disasters in the first half of the year was $85bn.

Flooding accounted for more than 40% of that, with most of the losses from Asia and Europe.

The BBC's Rico Hizon spoke to Andrew Tjaardstra, the Asia editor of Insurance Insight.