Swiss Re’s latest Sigma report has revealed total economic losses from natural catastrophes and man-made disasters in 2011 hit an unprecedented $US370 billion ($357 billion), up from $US226 billion ($218 billion) in 2010.

Insured losses comprised $US116 billion ($112 billion) of this total, up 142% from 2010. This makes 2011 the second-highest year for insured losses on record after 2005’s $US123 billion ($119 billion) in insured losses due to hurricanes Katrina, Wilma and Rita.

Records were set with the Thai floods posting insured losses of $US12 billion ($11.6 billion), representing the highest insured losses ever for a single flood event, while $US49 billion ($47 billion) in insured earthquake losses was also the highest on record.

Of 2011’s insured losses, natural catastrophes accounted for $US110 billion ($106 billion), while man-made disasters only contributed $US6 billion ($5.8 billion) to the total.

The floods in Australia were the most costly natural disaster in terms of insured losses in this country’s history, with claims of more than $US2 billion ($1.9 billion).

Swiss Re Chief Economist Kurt Karl says the earthquakes in Japan, New Zealand and Turkey, as well as the floods in Australia and Thailand, “were unprecedented and brought not only massive destruction but also the loss of thousands of people’s lives”.

“Yet two-thirds of the staggering $US370 billion in economic damage will be shouldered by corporations, governments, relief organisations, and ultimately individuals, pointing to the still widespread lack of insurance protection worldwide.”