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Riots in Gujarat and the cold wave in north India in December are among the five worst global catastrophes in 2002 in terms of victims, according to Swiss Re's Sigma statistics.
The reinsurer has estimated the cost of catastrophes in 2002 for general insurers at $13.5 billion, compared to $35 billion in 2001.
The Gujarat riots, where 2,000 people were either killed or reported missing, were classified as the worst catastrophe in 2002, followed by an earthquake in Pakistan and Afghanistan in May that claimed 2,000 lives.
The cold wave in north India was the fourth worst catastrophe that claimed 1,500 lives, Swiss Re said.
In terms of payouts, two floods in Europe in July top the list with losses of $3.2 billion to insurers.
The total damage is estimated at $15 billion. A tornado in the US on April 27, 2002, resulted in a loss of $1.7 billion.
The report, which was also published in the Insurance Regulatory and Development Authority's journal, pointed out that natural disasters were responsible for losses of $11.4 billion, while man-made disasters accounted for $2.1 billion.
"This marks a return of natural catastrophes outweighing man-made disasters, a trend broken in 2001 by the September 11 terrorist attacks in the US," it said.
Last year, flood losses cost insurers a record $4.1 billion. The Swiss Re report has suggested a need to develop comprehensive flood cover. Losses from storms are estimated at $6.7 billion.
On terrorism, the report said the threat existed but potential insured losses were considerably lower.
"For property insurers, threat scenarios still included terrorism, and September 11 gave the public a clear reminder of its ominous dimensions. In 2002, the attacks in Bali and Djerba proved that international terrorism was a lurking threat," it said.