According to initial estimates from Swiss Re?s forthcoming Sigma study, the total cost to society of natural catastrophes and man-made disasters in 2009 was $52 billion, while the cost to insurers stood at $24 billion. Catastrophes claimed the most lives in Asia.

In 2009, natural catastrophes will cost worldwide insurers roughly $21billion, with man-made disasters triggering additional claims of about $3 billion. The total insured losses soared to over $50 billion in 2008. The lower figure for 2009 resulted from the calm US hurricane season.

Claims from natural catastrophes and man-made disasters during the first seven months of 2009 nearly double the average over the last 20 years. Between January and July, five events in Europe and the US triggered insured losses in excess of $1 billion each.

Worldwide, approximately 12,000 people were killed by catastrophes in 2009, compared to 2,40 ,000 in 2008. The region most-affected was Asia, where a earthquake in Indonesia in September claimed more than 1,000 lives. Another 2,000 people died when three typhoons struck the region between August and October. However, the percentage of insured losses over catastrophe losses in Asia is expected to be among the world?s lowest.

Clarence Wong, Swiss Re?s chief economist for Asia, said, ?All these natural disasters not only caused widespread damage and placed heavy burdens on public budgets across Asia, they also sounded urgent alarm calls for more sustainable risk financing arrangements?before disasters strike?to enable the affected regions to recover swiftly.?

?Governments should explore the possibility of public-private partnership in mitigating the financial consequences of major disasters. Global and regional insurers and reinsurers will continue to play a critical role by sharing knowledge and expertise and by helping to absorb catastrophe risks in Asia,? he added.

Thomas Hess, chief economist of Swiss Re, said, ?In 2009, we saw no such event like Hurricane Katrina, which caused $71 billion in losses back in 2005, but that may not be the case next year.