US hurricanes and European floods have driven global insured losses from natural catastrophes above $US100 billion ($156.42 billion) for the fifth year in a row, Swiss Re says.

Hurricanes Helene and Milton caused estimated insured losses approaching $US50 billion ($78.21 billion), while major floods hit Europe and the Middle East, causing estimated insured losses of close to $US13 billion ($20.34 billion).

The reinsurer says estimated insured nat cat losses this year are on track to exceed $US135 billion ($211.17 billion), up 17% on last year, with a warming climate partly to blame.

“For the fifth consecutive year, insured losses from natural catastrophes break the $US100 billion mark,” Swiss Re’s head of catastrophe perils Balz Grollimund said.

“Much of this increasing loss burden results from value concentration in urban areas, economic growth and increasing rebuilding costs. By favouring the conditions leading to many of this year’s catastrophes, climate change is also playing an increasing role. This is why investing in mitigation and adaptation measures must become a priority.”

According to Swiss Re, global insured losses from natural catastrophes last year hit $US115 billion ($179.89 billion), and the 10-year average is $US98 billion ($153.3 billion).