Recent catastrophes such as hurricanes in the Caribbean and an earthquake in Mexico will cost the global insurance industry around $95bn (£72bn), Swiss Re has said, although it admitted that the estimates "are subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted."

The world's second largest reinsurer said it alone faces losses of $3.6bn (£2.7bn) from the "extremely powerful" series of natural disasters that took place in the third quarter of this year.

Swiss Re said the two powerful earthquakes to hit Mexico last month will lead it to incur losses of around $175m, meaning most of its claims during the period came from hurricanes Harvey, Irma and Maria.

This has been one of the worst ever years for natural disasters, with insurers facing hundreds of millions in claims and many being forced to issue profit warnings. Reinsurers such as Swiss Re, which insure the insurers, are expected to be hit particularly hard.