MONTREAL (Reuters) ? With devastating Hurricanes Katrina and Wilma in the United States and never-before-seen hurricanes approaching Europe, the world in 2005 will show the highest-ever financial losses for weather-related natural disasters.

Economic losses globally will exceed $200 billion and insured losses will be over $70 billion, according to the Munich Re Foundation.

Katrina alone inflicted damage of $125 billion, including $50 billion in insured losses. This year will trump 2004, the previous record year with global economic losses of $145 billion and insured losses of $45 billion.