Insured global losses fell to their lowest level since 2009 last year, according to the Guy Carpenter Global Catastrophe Review.

Significant losses totalled $US33 billion ($41.86 billion), down from $US126 billion ($159.84 billion) in 2011.

“Notable insured losses… included the February snowstorms in Japan, hail and windstorms in Europe, severe flooding in the UK and a cold, stormy winter in the eastern half of North America,” Research Meteorologist James Waller said.

Insured losses in the UK alone are estimated at $US1.8 billion ($2.28 billion). The country last year endured the most rainfall since records began in 1910.

Other notable losses include the disappearance of Malaysia Airlines flight 370 in March, the shooting down of Malaysia Airlines flight 17 over Ukraine in July and the crash near Indonesia of an AirAsia flight in December.

Asia and Australasia accounted for about 23% of global insured losses last year, the report says.

The most costly events in Asia were two snowstorms in Japan early in the year, causing $US3.1 billion ($3.93 billion) of losses.

The Americas accounted for 57% of global losses compared with 48% in 2013, driven by winter weather, hurricanes and earthquakes.

In the east Pacific, last year was the most active hurricane year since 1992, with 16 events – nine of them major. The biggest was Odile, which hit the Baja Peninsula of Mexico and caused an estimated $US1.6 billion ($2.02 billion) in insured losses.

hurricanes hit the North Atlantic Basin, including Hurricane Arthur on mainland North America, which caused insured losses of almost $US250 million ($317.07 million).