First-half natural disasters caused losses of nearly $US112 billion ($159 billion), with about $US44 billion ($62.1 billion) covered by insurers, according to a Munich Re global tally.

Severe thunderstorms in the US were the biggest driver of insured losses, at $US22 billion ($31.3 billion).

The Venezuela earthquake in June was the most destructive catastrophe, based on preliminary loss estimates of US$30 billion ($42.6 billion). However, less than $US1 billion ($1.42 billion) was insured.

In the Asia-Pacific region, total losses including the Australian bushfires early this year amounted to $US8.7 billion ($12.3 billion), of which just over $US1 billion was insured.

Munich Re says the bushfires sparked losses of almost $US1 billion, with insurers bearing two-thirds of the bill.

“Australia is also heavily impacted by heatwaves, the direct losses from which are difficult to quantify,” the reinsurer said.

Munich Re warns the second half holds significant risks for the Asia-Pacific region.

“In Australia and parts of southeast Asia, El Nino often increases the risk of heatwaves, droughts and wildfires. At the same time, El Nino can enhance rainfall and flood risk in other parts of Asia, particularly where altered monsoon patterns or typhoon activity lead to excessive precipitation.”

The reinsurer says forecasts point to record-breaking El Nino conditions towards the end of the year.

“It’s a dangerous mix: as global warming continues, the world is also heading for a Super El Nino, which will drive temperatures up even further,” Munich Re chief climate scientist Tobias Grimm said. “The effects will likely be clearly felt in the second half of the year. Taking timely precautions saves lives and limits the economic damage caused by disasters.”