Tokyo is one of the world's most "at-risk" cities, according to a natural catastrophes study by Munich Re.
The study found that natural disasters were more likely to occur in Tokyo and claims would be the most expensive.
The study developed an index for the world's 50 largest cities and quantified risk of natural hazards such as floods, earthquakes and storms.
Tokyo was followed by San Francisco, Los Angeles, Miami, Osaka and Kyoto.
London ranked ninth on the list, while Manila's index, the only developing country in the top 10, showed the country had endured 70 natural disasters during the last decade.
Munich Re said the study highlighted the need for insurers to account for new loss dimensions as a result of global climate changes.
There were around 7000 "loss events" during 2002, with insured losses accounting for $13bn (£8.1bn), it said.
