In comparison, the economic loss due to the South Asian tsunami was lower but the human cost far higher.

"According to official sources, the catastrophe triggered by a magnitude 9.0 earthquake claimed the lives of over 170,000 but, in view of the large numbers of people still missing, there are fears that the figure will exceed 250,000," Munich Re, the world's biggest reinsurer, said in a statement.

Current estimates put the overall economic loss from the Tsunami at over $10 billion, the insured loss at around $1-2 billion, and the Munich Re Group's burden at less than $100 million, it said.

Munich Re said extreme weather events were the main source of destruction and financial loss last year and may be linked to global warming.

"These events are further evidence that a correlation between global warming and the considerable rise in the number of extreme weather events is becoming increasingly plausible," Peter Hoeppe, head of Geo Risks Research at Munich Re, said in the statement.

"The insurance industry must adjust the scope and price of its insurance covers to the growing risk," he added.

In addition to the unusually large number of hurricanes and typhoons last year, there were also cyclones in parts of the Atlantic where they are not typical, the company said.