An exceptional number of natural catastrophes during the first half of the year have led to record insured losses of $US22 billion ($25 billion), according to Munich Re.

Devastating earthquakes in Haiti and Chile, combined with Winter Storm Xynthia, have pushed first-half overall economic losses $US70 billion ($80 billion) higher than the $US50 billion ($57 billion) incurred during the whole of last year. 

The March 6 Melbourne hailstorm ranks as the fifth most costly disaster of the first half in terms of insured losses, at $US920 million ($1.05 billion). Munich Re estimates overall losses from the hailstorm at $US1.38 billion ($1.58 billion).

The 7-magnitude Haiti earthquake on January 12 was the deadliest disaster of the period, killing 222,570 people with $US8 billion ($9.2 billion) in economic losses. Comparatively low insured losses of $US150 million ($172 million) were attributed to the low rate of insurance penetration in Haiti.

By contrast, the more powerful 8.8-magnitude Chile earthquake on February 27 caused overall losses of $US30 billion ($34 billion), with insured losses at $US8 billion ($9.2 billion). Robust building standards contributed to a much lower death toll of 521.

“That shows how important and effective it is to offer people as much protection as possible using modern, earthquake-resistant construction standards,” Munich Re’s Head of Geo Risks Research Peter Hoeppe said.

Winter Storm Xynthia in February caused insured losses of $US3.4 billion ($3.9 billion) when winds of more than 230kmh swept the Canary Islands, France and parts of central Europe.