Insured losses last year were the lowest since 2009, according to Guy Carpenter’s Global Catastrophe Review.

Losses totalled $US30.5 billion ($39.77 billion), well below the 10-year and five-year averages of $US49.7 billion ($64.8 billion) and $US62.6 billion ($81.62 billion) respectively.

The largest single loss was the Tianjin explosions in China, with estimated insured losses of $US1.6-$US3.3 billion ($2.09-$4.3 billion). Winter storms in the eastern US resulted in $US2.1 billion ($2.74 billion) of insured losses, while European storms Desmond, Eva and Frank rendered losses of $US1.6 billion ($2.09 billion).

Last year featured one of the strongest El Nino events on record, prompting record tropical cyclone activity in the North Pacific basin but relative calm in the North Atlantic.

The most deadly event of last year was the magnitude-7.8 earthquake in Nepal in April, killing 9000 people and leaving 500,000 homeless.