Natural catastrophes cost insurers $US53 billion ($78.8 billion) last year, with severe weather perils such as hail and tornado accounting for the biggest share at 40.1%, Willis Re says in its annual catastrophe roundup.

The losses are lower than the annual average of $US64.2 billion ($95.4 billion) since 2011, and down from $US71.5 billion ($106.3 billion) in 2018.

The two largest insured events occurred in Japan, led by typhoons Hagibis at $US8 billion ($11.9 billion) and Faxai at $US7 billion ($10.4 billion).

In the US, a severe thunderstorm that affected the High and Central Plains was the costliest at $US3-4 billion ($4.5-5.9 billion).

Hurricane Dorian, last year’s strongest Atlantic storm, produced losses of up to $US2.5 billion ($3.7 billion) mainly in the Caribbean region.

“The year will come as a relative relief to reinsurers, following the extremely costly events of 2017 and 2018,” Willis Re’s Executive VP and Head of North America Catastrophe Analytics Vaughn Jensen said.

“However, the year did bring the strongest-ever land-falling hurricane in the Atlantic, Hurricane Dorian.”