Severe earthquakes in Haiti, Chile and New Zealand trebled the cost of natural and man-made disasters to the world economy in 2010, Swiss Re said in a study released on Tuesday.   

Global economic losses from such catastrophes amounted to $222 billion in 2010, compared with $63 billion last year, the world's second-largest reinsurer said.  

Natural catastrophes cost insurers $31 billion this year while man-made disasters led to $5 billion in claims, it said, adding that overall catastrophe losses were up 34 percent on 2009.

Topping insurance claims was the Chilean earthquake in February, which cost insurers $8 billion. Another quake in New Zealand and European winter storm Xynthia led to just under $3 billion each in claims, Zurich-based Swiss Re said.

The most damaging events in terms of human lives were the January earthquake in Haiti, which killed 222,000 people, and the Russian summer heat wave, in which 15,000 died, giving 2010 the highest death toll from natural catastrophes since 1976.   

"While most of the costliest events caused by the earthquakes in Chile and New Zealand and the winter storm in Western Europe were covered by insurance, events like the earthquake in Haiti and floods in Asia were barely insured," said Swiss Re Chief Economist Thomas Hess.   

The oil rig explosion in the Gulf of Mexico cost insurers about $1 billion in property losses, Swiss Re said, adding that this figure was still subject to substantial uncertainty and did not include liability losses.

Even though losses were higher than usual in the first half of the year, Swiss Re said in September low returns on investments were eating into earnings as reinsurers struggled to charge insurance company clients more for risk cover. - Reuters