Global insured catastrophe losses last year were the third-highest since Swiss Re’s Sigma records began in 1970.

Swiss Re says losses of $US136 billion ($177 billion) were up from $US65 billion ($84.6 billion) in 2016 and were well above the annual average for the previous decade.

Natural catastrophes accounted for $US131 billion ($170.6 billion) in losses, mainly due to hurricanes Harvey, Irma and Maria, plus wildfires in California. Man-made disasters represented $US5 billion ($6.5 billion).

“The insurance industry has demonstrated it can cope very well with such high losses,” Head of Catastrophe Perils Martin Bertogg said. “However, significant protection gaps remain and if the industry can extend its reach, many more people and businesses can become better equipped to withstand the fallout from disaster events.”

Total economic losses grew to $US306 billion ($398 billion) last year from $US188 billion ($244.8 billion) in 2016.

Damage caused by Harvey, Irma and Maria followed 12 years with no major hurricane making US landfall. The impact reflected increased residential development in coastal areas.

“When a hurricane strikes, the loss potential in some places in now much higher than it was previously,” Swiss Re Chief Economist Kurt Karl said.