Total insured losses for the global insurance industry reached an estimated $US70 billion ($67 billion) in the first half of 2011, according to Swiss Re’s latest Sigma report.

The reinsurance giant says 2011 already ranks as the second-costliest year for insured catastrophe losses on record, and as the year with the highest insured earthquake losses in history.

The 2011 first-half figure is more than double the $US29 billion ($28 billion) of total insured losses for the global insurance industry in the first half of last year.

Swiss Re says total economic losses for the first half of 2011 reached almost $US278 billion ($267 billion).

The only year on record with higher levels of total insured losses was 2005, the year hurricanes Katrina, Wilma and Rita caused claims of more than $US90 billion ($86 billion).

Swiss Re Chief Economist Thomas Hess says additional claims from the ongoing US hurricane season or expensive winter storms in Europe “have the potential to bring figures for the full year even closer to the record claims of $US120 billion ($115 billion) experienced in 2005”.