Natural disasters cost the world a total of 380 billion U.S. dollars in economic loss in 2011, representing a rise of over 60 percent from the previous record of 220 billion dollars in 2005, a a world leading insurer said Wednesday.

Numerous houses are left flooded and ablaze in Natori, Miyagi after a massive earthquake and tsunami jolted Japan on March 11, 2011. [Chinanews.com]

According to a report issued by Munich Re Group, Japan's megaquake and ensuing tsunami in March accounted for much of the increase in loss.

The twin disasters killed 16,000 people and caused an economic loss of 210 billion dollars, a figure that didn't include damages caused by the nuclear accident triggered by the quake.

The magnitude-6.3 quake which shook Christchurch, New Zealand in February, was the second on the list of damage creators, Munich Re said.

Compared with other forms of natural disasters, earthquakes, though of a lower incident rate, can be very destructive, the insurer said, adding that if Japan had not been constantly vigilant for earthquakes, the loss from the March 11 disaster would have been even graver.

However, statistics from the insurer showed despite the huge economic loss, the number of natural disasters and resulting death toll in 2011 did not exceed the average of the previous years.

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