Last year’s string of natural disasters underscores the urgent need for new covers that better reflect the impact of climate change, according to Munich Re.

The hurricane sequence – Harvey, Irma and Maria – that struck the US last year over three months was rare but a sign of things to come, it warns.

“[Last year] was a wake-up call,” Munich Re board of management member Torsten Jeworrek said. “It is crucial that insurers and reinsurers take account of statistically rare loss events in their risk management calculations… insurers are almost obliged to develop new covers that better meet clients’ needs.”

Natural disasters caused $US340 billion ($436.4 billion) of losses last year, and a record $US138 billion ($177 billion) in insurance payouts.