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The industry's catastrophe losses from both natural and mad-made disasters have more than halved from $50bn in 2008 to $24bn this year, according to Swiss Re's authoritative research unit Sigma.

The sharp decline - which has smothered the expectations of rate increases that were widespread at the beginning of the year - comes from a remarkably benign US hurricane season, together with a below-average number of significant man-made risk losses.

In 2008, for example, there were over $7bn of losses...

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