The direct coil cooling method is one of the existing cooling techniques for electric machines with concentrated windings, in which cooling tubes of conductive material are inserted between the windings. In such cases, eddy current losses are induced in those cooling tubes because of the time variant magnetic field. To compute the cooling tubes losses, either a transient finite element simulation (mostly based on commercial software), or a full analytical method, which is more complex to be constructed, is required. Instead, this paper proposes a simple and an accurate combined semi-analytical-finite element method to calculate the losses of electric machines having cooling tubes. The 2D magnetostatic solution of the magnetic field is obtained e.g., using the free package “FEMM”. Then, the eddy current losses in the tubes are computed using simple analytical equations. In addition, the iron core losses could be obtained. In order to validate the proposed method, two cases are investigated. In Case 1, a six-toothed stator of a switched reluctance machine (SRM), without rotor, is employed in which six cooling tubes are used while in Case 2 a complete rotating SRM is studied. The proposed method is validated by a 2D transient simulation in the commercial software “ANSYS Maxwell” and also by experimental measurements. Evidently, the proposed method is simple and fast to be constructed and it is almost free of cost.