Global reinsurer Swiss Re has estimated that the insurance industry was hit by $34 billion in catastrophe losses in 2014 — a lower-than-normal tally in recent years — and $11 billion less than in 2013.

The Zurich-based company said its preliminary estimates suggested total economic losses of $113 billion, of which just over a third were covered by insurance. The catastrophes claimed approximately 11,000 lives.

The outcome is well below the average annual $188 billion loss figure of the previous ten years.

The relatively low level of insured losses from catastrophes has contributed to a decline in reinsurance rates that has squeezed underwriting margins for Bermuda reinsurers.

Swiss Re said natural disasters accounted for $29 billion of the insured losses, while man-made catastrophes generated $5 billion in losses.

The costliest events to insurers were the violent thunderstorms and hail that hit parts of the US in mid-May ($2.9 billion in insured losses), June’s European wind and hail storm Ela (($2.7 billion) and a snow storm in Japan in February ($2.5 billion).