BERLIN: Natural disasters, led by Super Typhoon Haiyan in the Philippines and flooding in Europe, cost a total of $125 billion (92bn euros) in 2013, German reinsurance giant Munich Re estimated on Tuesday.

The figure was below the average over 10 years of $184bn, with insured losses of $31bn, down from the average $56bn.

“Floods and hailstorms caused double-digit billion-dollar losses in central Europe, and in the Philippines one of the strongest cyclones in history, Super Typhoon Haiyan, resulted in a human catastrophe with over 6,000 fatalities,” the company said.

The natural catastrophe causing the most financial damage was severe flooding in central and eastern Europe in early June, with overall losses totalling $15.2bn.

The most expensive single event for the insurance industry was a series of hailstorms in Germany in July with hailstones as big as tennis balls pelting cars, buildings and homes.—AFP