Natural catastrophe losses fell to $US110 billion ($142 billion) last year from $US140 billion ($181 billion) amid a mild North Atlantic hurricane season and an absence of major disasters, according to Munich Re.

Good planning by at-risk countries also helped keep losses well below the average of $US190 billion ($245 billion) in the past 10 years.

But the German reinsurer cautions against complacency, because weather conditions differ every year.

“There is no reason to expect a similarly moderate course this year,” Reinsurance CEO Torsten Jeworrek said.

“It is… impossible to predict what will happen in any individual year.” He says “the risk situation overall has not changed”.

Asia was a hotbed for natural catastrophes, accounting for more than half of the events that took place last year.

The costliest catastrophe in terms of overall loss – estimated at $US7 billion ($9 billion) – was Cyclone Hudhud in India in October. Insurers suffered their biggest loss – $US3.1 billion ($4 billion) – from severe snowfall around Japan’s Greater Tokyo area in February last year.

Losses from the worst monsoon rains to hit southeast Asia in decades are estimated at $US100 million ($129 million), and the figure is set to climb as officials continue to assess damage from the December catastrophe.

Global fatalities fell to 7700 from 21,000 in 2013.