Weather-related catastrophes in the Asia-Pacific region have more than tripled in the past 30 years, according to research by Munich Re.

The reinsurer says 80% of all economic losses from natural disasters this year have come from the region, and losses will continue to rise due to urbanisation and increased wealth.

“Insurance density remains very low in many countries of the region,” Munich Re says. “On average, only 6% of natural catastrophe losses were insured over the last 30 years.”

It calculates economic losses this year at $US259 billion ($250 billion) – of which only $US52 billion ($50 billion) was insured.

“Over the last 30 years, Asia-Pacific has experienced more than 50% of all fatalities from natural catastrophes and almost 40% of all economic losses, but less than 9% of the insured losses,” says the report.

Munich Re says the research shows the need for wider natural catastrophe coverage in the region, whether through traditional insurance and reinsurance or via public-private partnerships such as disaster pools.