A LEADING insurance company says natural disasters cost the industry $US65 billion ($A62.20 billion) last year and Superstorm Sandy accounted for nearly two-fifths of the total.
However, Munich Re AG said on Thursday total insured losses from natural catastrophes were down from a record $US119 billion in 2011, when devastating earthquakes in Japan and New Zealand cost the industry dear.
The company said total economic costs in 2012 from natural disasters - including uninsured losses - amounted to $US160 billion, compared with the previous year's $US400 billion.
Sandy was blamed for at least 120 deaths when it battered eastern coastline areas at the end of October.
New York, New Jersey and Connecticut were the hardest-hit states.
Munich Re estimated insured losses from Sandy at $US25 billion and total losses at $US50 billion.
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