Natural catastrophe losses in the Asia-Pacific region were moderate in the first half of 2012, accounting for only 4% of insured losses worldwide, according to Munich Re.

Since 1980, Asia-Pacific catastrophes have accounted for an average of 18% of insured losses worldwide.

Events in the region this year accounted for 23% of overall losses worldwide, compared with a 45% share on average since 1980 and a 77% share last year.

Although there were 200 events in the region, almost half the 450 catastrophes worldwide, they were mostly minor.

The most serious event was the May-June southeast China floods that killed 120 and caused $US2.5 billion ($2.4 billion) in losses, although the insured losses were small because of the low level of insurance.

The February floods in NSW caused damage to several thousand homes, overall losses of $US500 million ($489 million) and insured losses of $US120 million ($117 million).

Weather-related catastrophes in the region have almost tripled since 1980.

Munich Re’s Head of Geo Risks Research Peter Hoeppe says geophysical events are more or less stable.

“This has to be attributed to socio-demographic changes mainly, but it is quite probable that climate change also plays a role here,” he said.

Global losses for the first half of this year totalled $US26 billion ($25 billion), compared with $US302 billion ($295 billion) in the first half of last year.

Of this, $US12 billion ($11.7 billion) was insured.

The global catastrophe death toll this year to date is 3500, below the 10-year average of 53,000.