Insurance industry damage claims from natural disasters like the earthquakes in Japan and New Zealand reached a record $105 billion in 2011, said Munich Re, the world's biggest reinsurer.

The cost to insurers from the earthquake and tsunami in Japan in March, which caused nearly 16,000 deaths, was estimated at $35-$40 billion, the company said on Wednesday in a review of last year's natural disasters.

An earthquake in New Zealand in February added a further $13 billion to insurers' claims payout for the year, Munich Re said.