Floods caused almost half of all worldwide natural catastrophe losses in the first half of this year, according to Munich Re.

Total losses stood at $US45 billion ($49.05 billion), well down on the 10-year average of $US85 billion ($92.65 billion). Insured losses were $US13 billion ($14.17 billion).

Natural catastrophe losses in the Asia-Pacific region were $US12.5 billion ($13.63 billion), with $US1.6 billion ($1.74 billion) insured. Flooding was the main cause of damage.

Tropical Cyclone Oswald, which hit Queensland in January, led to $US2 billion ($2.18 billion) of losses, with half insured.

Flash flooding in northern India and Nepal caused the most fatalities, with more than 1000 deaths as roads and bridges were washed away following early, heavy monsoon rains.

Flooding in Germany and neighbouring countries in May and last month was the most expensive event, causing damage of more than $US16 billion ($17.44 billion), with about $US3.9 billion ($4.25 billion) insured.

Munich Re board member Torsten Jeworrek says flood events in central Europe have doubled since 1980 but, with better control and awareness, losses need not follow suit.

“Rivers need room so flood waves can disperse without causing serious damage. And the flood risk needs to be considered in the designation of land for industrial or residential areas.

“Politicians should not only set up emergency funds after catastrophes but should act with greater foresight, engaging in prudent supraregional flood control, which should ideally be co-ordinated across national borders.”

The second most expensive event was a series of tornadoes in the US in May. A storm that hit Moore, Oklahoma, killed 26 people and destroyed more than 1000 buildings. The economic loss was more than $US3 billion ($3.27 billion), with about half insured.

In total 460 natural hazard events occurred globally in the first half, above the average of 390 for the past 10 years.