Global insured losses from natural and man-made disasters totalled $US45 billion ($48.89 billion) last year, down 44% on 2012.

Total economic losses were $US140 billion ($152.11 billion), down from $US196 billion ($212.96 billion), according to a Swiss Re Sigma study released last week.

Natural catastrophes made up $US37 billion ($40.2 billion) of the insured losses, with hail in Europe and global floods the most significant events.

About 26,000 people died from disasters in the year, up from 14,000 in 2012.

Super Typhoon Haiyan, which hit the Philippines in November, was last year’s biggest humanitarian catastrophe. Some of the strongest winds on record, heavy rain and storm surges caused the deaths of 7500 people and left 4 million homeless.

The two most expensive losses were suffered in Europe.

In May and June flooding hit central and eastern Europe after four days of heavy rain, causing significant damage in Germany, the Czech Republic, Hungary and Poland.

Total economic losses were $US16.5 billion ($17.93 billion), and the insured loss was $US4.1 billion ($4.45 billion).

In July parts of Germany and France were struck by severe hailstorms. The insured loss of $US3.8 billion ($4.13 billion) was the largest ever from a hail event.

The report says risk-prevention measures have progressed but the protection gap – the difference between total losses and insured losses – has continued to widen over the past 40 years.

For example, an evacuation saved thousands of lives when Cyclone Phailin made landfall in Odisha, India, in October. But 100,000 homes were destroyed, along with more than 1.3 million hectares of cropland.

“The total economic loss of Cyclone Phailin is estimated to be $US4.5 billion ($4.89 billion), with just a tiny portion covered by insurance,” Swiss Re Chief Economist Kurt Karl said.

“The insurance industry can play a much larger role in helping societies deal with the fallout of disaster events such as this and… Haiyan.”