Natural catastrophes and man-made disasters cost non-life insurers $13.5bn (£8.4bn) in 2002, according to Swiss Re.
In its latest sigma study, the reinsurer highlighted property losses were below the long-term average based on data since 1970.
Flood losses cost insurers $4.1bn (£2.5bn). This was a record loss and $3.2bn (£2.01bn) of this amount was due to the two major European floods in Germany and Czechoslovakia.
Sigma estimates that the two European floods alone triggered an economic loss of $15bn (£9.4bn).
