Global insured losses for the first half grew 51% to about $US31 billion ($40.56 billion) compared with the corresponding period last year, Swiss Re says.

Earthquakes in Japan, storms in the US and Europe and a wildfire in Canada caused the largest losses, according to the reinsurer’s latest Sigma report.

Total economic losses grew 38% to $US71 billion ($92.95 million) in the first half, primarily due to natural catastrophes, which comprised $US68 billion ($88.95 billion), up from $US46 billion ($60.17 billion).

The remaining $US3 billion ($3.92 billion) of economic losses arose from man-made disasters.

About 6000 lives were lost in disasters in the first half, down from 12,000.

Global insured losses from natural catastrophes grew to $US28 billion ($36.62 billion), slightly above the 10-year average first-half loss.

Insured losses from man-made disasters fell to $US3 billion from $US5 billion ($6.54 billion).

Three severe weather events in the US caused combined insured losses of more than $US7 billion ($9.16 billion).

The most intense was a major convective storm in Texas in April, resulting in insured losses of $US3.1 billion ($4.05 billion) as large hailstones caused property damage.

Low-pressure systems Elvira and Friederike caused storms, flash floods and river floods in Europe, with France and Germany recording a $US2.8 billion ($3.66 billion) hit to insurers.

Earthquakes in Japan cost insurers $US5.6 billion ($7.32 billion), while similarly devastating Ecuadorian quakes cost insurers just $US400 million ($523.26 million) due to low penetration.

The Canadian wildfire’s insured losses totalled $US2.5 billion ($3.27 billion), making it one of the costliest fires in insurance industry history.