Insured losses from natural catastrophes and man-made disasters fell to $US35 billion ($44.7 billion) last year from $US44 billion ($56.2 billion) in 2013, despite a record 189 events, Swiss Re says.

Updated figures from the reinsurer show natural catastrophes accounted for $US28 billion ($35.8 billion) of the insured losses.

Economic losses from all disasters totalled $US110 billion ($140.5 billion), down from $US138 billion ($176.3 billion).

“Asia was hardest hit, with cyclones in the Pacific creating the most losses,” Swiss Re says. “Weather events in North America and Europe caused most of the remaining losses.”

The decline in insured losses is largely due to a quiet North Atlantic hurricane season, during which no major hurricane made landfall in the US for the ninth consecutive year.

Europe, Japan and the US accounted for the bulk of insured losses last year.

A spate of severe hailstorms that struck the US in May caused the biggest insured loss, of $US2.9 billion ($3.7 billion), while storm Ela in Europe brought claims of $US2.2 billion ($2.8 billion). A cold snap that hit Japan in February last year caused insured losses of $US2.5 billion ($3.2 billion).