Heavyweight boxer's consumed by loss (8)

I believe the answer is:

fatality

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'loss' is the definition.
The answer and definition can be both related to natural events as well as being singular nouns.
Maybe there's a link between them I don't understand?

'heavyweight boxer's consumed' is the wordplay.
'heavyweight' becomes 'ali' (I've seen this before).
'boxer's' becomes 'fatty' (I am not sure about this - if you are sure you should believe this answer much more).
'consumed' means one lot of letters goes inside another (inserted letters get consumed).
'ali' inserted into 'fatty' is 'FATALITY'.

'by' acts as a link.

Can you help me to learn more?

(Another definition for fatality that I've seen is " Death".)

I've seen this clue in The Times.

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