Natural catastrophes losses last year ticked upwards to $175 billion, the highest level in four years and up two-thirds on the 2015 figure.

Only 30 per cent of losses, about $50 billion, were insured, highlighting there has been virtually no change in the ‘insurance gap’ — the name often given to describe the share of uninsured losses.

The data has been compiled by Munich Re. Torsten Jeworrek, a board member of the reinsurance company, said: “After three years of relatively low nat cat losses, the figures for 2016 are back in the mid-range, where they are expected to be. Losses in a single year are obviously random and cannot be seen as a trend.

“The high percentage of uninsured losses, especially in emerging markets and developing countries, remains a concern. Greater insurance density is important, as it helps to alleviate the financial consequences of a catastrophe for more people.

“With its risk knowledge, the insurance industry would in fact be able to bear a much greater portion of such unpredictable risks.”

Devastating earthquakes and powerful storms played a significant part in the higher level of losses. Natural catastrophes caused 8,700 deaths.

Two earthquakes in Japan were the costliest catastrophes of the year, causing $31 billion of damage, of which $6 billion was covered by insurance.

The next costliest was flooding in China during June and July, with losses of $20 billion, only 2 per cent being insured losses.

Hurricane Matthew, which hit parts of the Caribbean and eastern US, caused losses of $10.2 billion, of which more than a third was covered by insurance.

The wildfires around Fort McMurray in Alberta in May were the costliest disaster in Canada’s history, with losses of more than $4 billion. About two-thirds of the losses were insured.

Elsewhere there were major floods in the southern US and a series of storms in Europe in May and June which triggered flash floods.

Munich Re said the high number of flood events, including river flooding and flash floods, was exceptional and accounted for 34 per cent of overall losses, compared with an average of 21 per cent over the past ten years.

Peter Hoppe, head of Munich Re’s geo risks research unit, said: “A look at the weather-related catastrophes of 2016 shows the potential effects of unchecked climate change. Of course, individual events themselves can never be attributed directly to climate change.

“But there are now many indications that certain events — such as persistent weather systems or storms bringing torrential rain and hail — are more likely to occur in certain regions as a result of climate change.”