Losses due to major events were lower in 2002 than average, according to Swiss Re.

More than 300 major events in 2002 caused estimated economic losses of $40bn, estimated Swiss Re. This is below the post-1990 average of £68bn, added Swiss Re.

"The $12bn estimate for total insured catastrophe losses worldwide equates roughly to the average since 1970, adjusted for inflation," added Swiss Re.

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