Global natural catastrophe claims were “pleasingly low” in the first half of the year, according to a Munich Re report.

Economic losses of $US42 billion ($44.7 billion) and insured losses of $US17 billion ($18.1 billion) were below the averages for the past 10 years of $US95 billion ($101 billion) and $US25 billion ($26.6 billion) respectively.

There were about 490 “loss-relevant” natural catastrophes worldwide, with most economic losses in the US (35% of the total), followed by Europe and Asia (30% each).

Reinsurance CEO Torsten Jeworrek says natural catastrophes have been relatively mild but “we should not forget there has been no change in the overall risk situation”. 

A record-breaking winter in North America caused significant losses, with extreme cold and heavy snowfalls in many parts of the US and Canada. Blizzard losses totalled $US3.4 billion ($3.6 billion).

Head of Geo Risks Research Peter Hoeppe believes there is a causal link between weather extremes in the northern hemisphere this winter, but scientists remain divided on what this means for future weather patterns. 

“Scientists are still having intense debates about whether such sustained changes to [weather] patterns… and therefore also the frequency of such extreme and persistent weather conditions might increase in the future due to climate change.” 

The US National Oceanic and Atmospheric Administration recorded 721 tornadoes in the period to June 30, compared with a first-half average of 1026 in 2005-13.