More than 20,000 people world-wide were killed by natural and man-made catastrophes during 2003, revealed initial estimates by Swiss Re.
It said overall financial losses from catastrophes amounted to an estimated total of US$65bn, with property insurers faced with losses of some $17bn.
There were five insured losses in excess of 41bn in North America, although there were none in Europe or Asia, said the preliminary conclusions of Swiss Re's Sigma report.
It said that although the $17bn loss was higher than the previous year it was not a record.
The total loss from catastrophes of $65bn was approximately average when compared with the losses reported by Sigma since the high-loss years of the nineties, said Swiss Re.
The 2003 figure has confirmed a trend towards high catastrophe losses, driven partially by increasingly dense areas of population, higher concentrations of insured values and the development of endangered zones, revealed the Sigma report.
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