Japan's earthquake and U.S. storms helped make 2011 thecostliest year on record for insurance companies in terms ofnatural-disaster losses, according to Munich Re.

Several “devastating” earthquakes and a large number ofweather-related catastrophes cost insurers $105 billion, more thandouble the natural-disaster figure for 2010 and exceeding the 2005record of $101 billion, the world's biggest reinsurer said in ane-mailed statement today. Competitor Swiss Re earlier estimatedthat the industry's claims from natural catastrophes reached $103billion.

Global economic losses jumped to $380 billion last year,surpassing the previous record of $220 billion in 2005, with thequakes in New Zealand in February and Japan in March accounting foralmost two-thirds of the losses, Munich Re said.

“We had to contend with events with return periods of once every1,000 years or even higher at the locations concerned,” TorstenJeworrek, Munich Re's board member responsible for globalreinsurance, said in the statement. “We are prepared for suchextreme situations.”

Japan's earthquake and subsequent tsunami may cost insurers asmuch as $40 billion and the quake in New Zealand may cost $13billion, the reinsurer said. Floods in Thailand were thethird-costliest event at about $10 billion.

Other catastrophes included Hurricane Irene, causing $7 billionin insured losses, and severe storms and tornadoes in the U.S. inApril, costing $7.3 billion.

For the first time, the U.S. National Oceanic and AtmosphericAdministration classified a low-pressure system over theMediterranean as a tropical storm, Munich Re said. Tropical stormRolf made landfall on the French Mediterranean coast inNovember.

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