California's 'Camp Fire' Named 2018's Most Expensive Global Catastrophe This is according to Munich Re, one of the world’s leading reinsurers. The German company analyzes the loss caused by natural global disasters every year. Munich Re adds that Hurricane Michael, which also occurred in the U.S., was the second costliest disaster. According to its data, the "Camp Fire" was responsible for over $16.5 billion in damages. Munich Re, via statement The fire left 86 people dead, spread through around 150,000 acres and destroyed the northern California town of Paradise. It is has been called the most destructive fire in the state's history.