Natural disasters across the globe have made 2011 the costliest year on record in terms of property damage, MSNBC.com reported.

The first six months saw $265 billion in economic losses, well above the previous record of $220 billion for all of 2005, according to a report released by Munich Re, a multinational company that insures insurance companies.

Japan’s earthquake and tsunami in March account for the largest chunk at $210 billion. After Japan, the costliest disasters so far have been New Zealand’s earthquake in February ($20 billion), the tornado outbreak in the United States Southeast ($7.5 billion) and Australia’s flooding in January ($7.3 billion).

For the United States, 98 events – including storms, flooding, fires and earthquakes – left $27 billion in economic losses, more than double the 10-year average of $11.8 billion. The vast majority was from tornadoes and other storms.

The losses translate into more payouts by insurers, which reduce their bottom lines.

“It’s definitely the worst half-year for the insurance industry” on record, said Peter Hoppe, who runs Munich Re’s Geo Risks Research/Corporate Climate Center, in an interview with MSNBC.

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http://www.msnbc.msn.com/id/43727793/ns/world_news-world_environment/