Global insured losses from natural and man-made disasters totalled $US16.5 billion ($22.32 billion) in the first half, according to Swiss Re’s Sigma study, released last week.

The sum is down from $US23.6 billion ($31.93 billion) in the corresponding period last year.

Total economic losses also fell in the half, to $US37.4 billion ($50.61 billion) from $59 billion ($79.85 billion).

Of the insured losses, $US12.9 billion ($17.46 billion) arose from natural disasters, down from nearly $US20 billion ($27 billion).

Severe winter weather and storms in the US and Europe proved the most costly natural events in the half-year. In February a winter storm in northeast US caused insured losses of $US1.8 billion ($2.43 billion) – the biggest event this year.

Man-made disasters caused $US3.6 billion ($4.87 billion) of insured losses in the first half, down from $US3.9 billion ($5.28 billion).

About 18,000 people died worldwide in the first half, up from about 4800 in the corresponding period last year. About 9000 were killed in the Nepal earthquakes. A heatwave in India and Pakistan in May and June killed more than 4000 people.

Economic losses in Nepal are estimated at more than $US5 billion ($6.77 billion), but only about $US160 million ($216.71 million) was insured.

“The tragic events in Nepal are a reminder of the utility of insurance,” Swiss Re Chief Economist Kurt Karl said. “Insurance cover does not lessen the emotional trauma that natural catastrophes inflict, but it can help people better manage the financial fallout from disasters, so they can start to rebuild their lives.”