Global insured catastrophe losses are expected to total $US74 billion ($102.92 billion) this year, up from $US72.6 billion ($100.97 billion) last year, according to modeller AIR Worldwide.

North America will account for $US47.1 billion ($65.5 billion), Europe $US10.7 billion ($14.88 billion), Asia $US10.4 billion ($14.46 billion), Latin America $US4.5 billion ($6.25 billion) and Oceania $US1.6 billion ($2.22 billion).

Severe storms are expected to cause 31% of losses, followed by cyclones (30%), earthquakes (17%), crop damage (15%), floods (4%) and fire (3%).

AIR Worldwide says global insured losses make up about a quarter of economic losses, on average.

“On a regional basis, the percentage of economic loss from natural disasters that is insured varies considerably.”

In North America, about half of economic losses from natural disasters are insured, while in Asia and South America insured losses make up only 8% and 13% respectively of economic losses.

“The sizeable gap between insured and economic losses represents the cost of catastrophes to society, much of which is ultimately borne by governments,” AIR Worldwide says.

AIR Worldwide models covered 76% of reported insured losses last year.

Significant non-modelled losses included a winter storm in Japan in December and windstorm Ela, which hit France, Germany and Belgium – both of which resulted in insured losses exceeding $US2 billion ($2.78 billion).

Models to come from AIR Worldwide include severe thunderstorm in Australia and Europe, earthquake and typhoon in southeast Asia, and crop loss in Brazil, Canada and India, plus more flood models across the world.