Catastrophe reinsurers are expected to return a healthy profit in Asia-Pacific for the fourth year in a row, barring a major event before January, Guy Carpenter says.

Earthquakes in Taiwan and the Kumamoto prefecture of Japan and floods in southern China were the major events this year, but the reinsurance share of those losses appears modest, the global reinsurance broker says in its Asia-Pacific Catastrophe Report.

The Meinong earthquake in Taiwan in February hit residential areas and the Tainan Science Park, where many high-tech factories are located, causing insured losses estimated at $US780 million ($1 billion). More than 80% of the losses were attributable to five large companies.

The series of quakes in Kumamoto in April are likely to generate insured losses of about $US5-$US5.5 billion ($6.5-$7.2 billion), but most will be covered by a residential earthquake scheme that is 100% reinsured by the Japan Earthquake Reinsurance Company.

The quakes caused at least 50 deaths and the Japanese Government estimated a total economic loss of up to $US42 billion ($54.9 billion).

In China areas along the Yangtze and Huai rivers were hard hit after heavy rainfall across the nation’s south in June triggered deadly floods.

The Government estimated more than 5.46 million hectares of farmland was inundated, while the Ministry of Water Resources expected the economic loss to top 298 billion yuan ($57.6 billion).