Catastrophes are projected to cause economic losses of $US52 billion ($57 billion) this year as a benign US hurricane season helped to restrain total costs.

Global reinsurer Swiss Re released initial estimates last week ahead of a final report due for publication early next year.

It says more than 12,000 people have died as a result of natural and man-made catastrophes during the year, against 240,000 last year.

Insurers paid $US24 billion ($26 billion) in costs against $US50 billion ($55 billion) last year, comprising $US21 billion ($23 billion) in natural catastrophe losses and $US3 billion ($3.3 billion) from man-made disasters.

Total economic losses are projected to fall well short of last year’s $US267 billion ($292 billion).

While a calm hurricane season restricted losses in the US, Europe suffered above average insured losses.

Winter Storm Klaus was the costliest event, causing $US3.5 billion ($3.8 billion) in losses when it struck France and Spain in January. A July hailstorm in Switzerland and Austria cost a further $US1.25 billion ($1.37 billion).

In the US, a winter storm and two tornadoes cost a total of about $US3.5 billion.

Australia bore a heavy cost with the Victorian bushfires claiming 173 lives and causing about $1.07 billion in insured losses.

The deadliest event was the Indonesian earthquake of September 30, with the 7.6-magnitude quake leaving 1117 people either dead or missing.