Insured losses from natural catastrophes doubled to $US30 billion ($33.75 billion) last year, Munich Re says in its annual market report.

Overall economic losses were up by 50% from $US50 billion ($56.2 billion) to $US75 billion ($84.4 billion) as the number of natural catastrophes rose from 850 to 950.

Winter Storm Kyrill was the most costly single natural catastrophe last year, causing $US5.8 billion ($6.5 billion) in insured losses in Central Europe out of a total of $US10 billion ($11.2 billion) in economic losses.

Two floods in central and north-east England three weeks apart resulted in a total of $US6 billion ($6.75 billion) in insured losses out of $US10 billion ($11.2 billion) in economic losses.

The earthquake in Niigata, Japan, last July was the most expensive single event in terms of overall economic losses ($US12.5 billion ($14.1 billion)).

In contrast, the North Atlantic hurricane season was relatively benign, as the five hurricane-force storms (below the average of eight) tracked away from the US mainland.