Global natural catastrophe insured losses totalled $US62 billion ($95.44 billion) in the first half, with floods and thunderstorms key contributors, according to Munich Re.

The figure was up slightly on the first half of last year and markedly higher than the decade average of $US37 billion ($56.95 billion), continuing a worsening trend in recent years.

Severe thunderstorms in the US have driven insured losses, with more than $US34 billion ($52.34 billion) recorded. Floods were also a significant contributor, with Brazil, China, Germany and parts of the Middle East experiencing multibillion-dollar losses, according to the reinsurer's half-year report. 

The costliest individual event for insurers was Japan’s New Year’s Day earthquake, with the industry covering about $US2 billion ($3.08 billion) of the $US10 billion ($15.39 billion) loss. The quake killed more than 200 people.  

The report says global average temperatures have reached record highs with “no signs of stopping”, and fires in Texas and Canada are indicators of future events. 

The reinsurer warns warmer seas will increase the severity and frequency of hurricanes, with this year’s Atlantic season expected to produce several major storms.   

“Many of the recently observed record temperatures can hardly be explained without climate change,” Munich Re chief climate scientist Ernst Rauch said. “When the atmosphere is 1 degree warmer, it can absorb 7% more moisture – which means more energy for weather extremes and heavy precipitation.”  

Reinsurance group CEO Thomas Blunck says climate change has a role in rare events such as the flooding in Dubai earlier this year. 

“Climate change entails evolving risks that everyone – society, the economy and the insurance sector alike – will have to adapt to,” he said.