Global catastrophes last year cost a total of $123 billion, nearly a third down on the 15-year average of $175 billion.

Losses were the lowest since 2009, and the fourth successive year to record a fall. However, they were only 8 per cent lower than the norm on a median basis of $134 billion, according to research by Aon Benfield, which is part of reinsurance intermediary and capital advisor Aon.

Disasters caused insured losses of $35 billion, again below the mean and median for the past 15 years.

Major disasters last year included winter storms in the US, massive flooding in parts of India, the US, UK and China and an earthquake in Nepal.

It was also a record-setting year for tropical cyclones in the Pacific, while Europe was hit by windstorms and Indonesia suffered extensive forest fires.

The top three perils for the year were flooding, severe thunderstorms and wildfires, which accounted for 59 per cent of all economic losses last year.

The Aon Benfield report said: “Despite 32 per cent of catastrophe losses occurring inside of the US, it still accounted for 60 per cent of global insured losses.

“That speaks to a higher rate of insurance penetration in the country.”

The most expensive single loss event of the year was the Indonesian forest fires, triggered by slash and burn techniques that spread out of control. The World Bank estimated that the cost of the fires was $16.1 billion.

The costliest non-weather event was the earthquake in Nepal, which is expected to cost the nation and surrounding countries an estimated $8 billion in damage and rebuilding costs.

But the report added: “From an insurance industry perspective, the costliest event was a February winter storm that impacted much of the eastern United States, affecting both public and private insurers which paid out more than $2.1 billion.”

No world region sustained aggregate insured losses above their 15-year averages last year, although Europe, the Middle East and Africa, Asia Pacific and the non-US Americas were above their respective medians.

The top ten insured losses were five US thunderstorms, one US winter storm, one European windstorm, one Indonesian forest fire and a US drought.

The percentage of global economic losses covered by insurance from the public or private sector was 28 per cent.

“However, if you remove the US, the percentage drops to 16 per cent,” the report noted.

“This clearly highlights how the US continues to annually drive insured natural disasters around the world.”

The report predicted that the hurricane season next year would be below average for hurricanes, but above average for tropical storms.

Aon Benfield’s own Tropical Storm Risk (TSR) forecast group said there were likely to be two major hurricanes, at Category 3 or above, and six minor hurricanes. It also warned there could be 13 tropical storms, two more than the average.