Natural catastrophes caused 160 billion USD worth of damage in 2012, 60% less than in 2011, according to Munich Re, the world's leading insurer based in Germany.

Flood caused by hurricane Sandy, one of the most devastating natural disasters in 2012 that hit the US (photo: businessinsider)

Munich Re announced Thursday that natural disasters resulted in 65 billion USD in damage claims shouldered by global insurers, substantially lower than the 119 billion USD the industry had to pay a year earlier. Some 9,500 people lost their lives in natural catastrophes in 2012 compared with 27,000 deaths in 2011. 90% of globally insured losses occurred in the US, which was severely hit by natural disasters in 2012. Record losses in the 2 previous years occurred mainly in the Asia-Pacific region and Southern Africa. According to a Munich Re forecast, the world will see harsher weather with increasing droughts. Rising sea levels due to climate change will increase the threat of devastating hurricanes.