according to preliminary estimates by the Worldwatch Institute and Munich Re, the world's largest reinsurer.

Estimates put the total losses from storms, floods, droughts and fires for the first 11 months of the year 48 percent higher than the previous one-year record of more than $60 billion in 1996. In addition to the material losses, the disasters have killed an estimated 32,000 people and displaced 300 million, according to the report.

The world's most severe disasters were Hurricane Mitch, the flooding of China's Yangtze River, and in Bangladesh. Hurricane Mitch was listed as the deadliest Atlantic storm in 200 years, and caused more than 10,000 deaths in Honduras, Nicaragua, Guatemala and El Salvador. Damage was estimated at $4 billion in Honduras and $1 billion in Nicaragua.

The costliest disaster was listed as the flooding of the Yangtze River, which caused an estimated $30 billion in losses, 3,000 deaths, and disclocated 230 million people.