Global insured losses from natural and man-made disasters totalled $US37 billion ($48.4 billion) last year, well below the $US62 billion ($81.1 billion) average for the previous 10 years, according to Swiss Re’s latest Sigma study.

The sum accounts for about 40% of global economic losses, which totalled $US92 billion ($120.3 billion), down from $US113 billion ($147.81 billion) in 2014.

The Tianjin port disaster in China was the greatest insured-loss event of the year, and the biggest man-made loss in Asian history. The explosions are estimated to have cost $US6 billion ($7.85 billion) in property losses.

About 75% of global insured losses last year were due to natural catastrophes.

There were 353 catastrophe events, killing 26,000 people. Of these, 198 were natural disasters.

Asia was hit particularly hard, with economic losses from all events of almost $US38 billion ($49.7 billion).

The Nepal earthquake was the biggest disaster of the year, killing almost 9000 people – the single largest loss of life. Total losses are estimated at $US6 billion, which includes damage reported in India, China and Bangladesh.

Other events causing high losses in Asia included Typhoon Goni in Japan and floods in southern India.

Swiss Re Chief Economist Kurt Karl says the Nepal quake took a high toll in “an area where people are least able to protect themselves”.

The US endured its worst year for wildfires since 1960 amid hot, dry conditions, while floods in the UK cost about $US2 billion ($2.61 billion).