03/15/2011 12:40 pm ET | Updated May 25, 2011

Japan Earthquake Among World's Most Expensive Catastrophes

With Japan facing a mounting economic crisis in the wake of Friday's magnitude-8.9 earthquake and deadly tsunami, global insurers are already calling the temblor the world's "most costliest" catastrophe.

As Reuters is reporting, the overall cost of the multiple disasters exceeded $170 billion on Monday, well above 2005's Hurricane Katrina (estimated at $81 billion) and last summer's Pakistan floods ($43 billion). There are still questions about how the ongoing nuclear accident at the Fukushima reactors will continue to affect losses.

Check out live updates from Japan here.

View the seven most expensive global disasters in recent history, as reported by the Guardian, below:

World's Most Expensive Disasters