IGBTs typically only withstand full SOA (i.e., rated amps * rated volts -- a dead short condition) for microseconds at a time.
It takes time for the power to heat up the silicon die, and for that heat to diffuse through the die, metal backing plate, and heatsink, so it makes sense that the power rating should vary with how long the pulse is.
The DC rating is 160W range, but you're not free from physics just yet: IGBTs are very poor at DC power handling, because of instabilities in their design. They work pretty well under saturated conditions (Vce < 5V or so), but at higher voltages (in the "desat" (non-saturated) condition), it tends to be that natural variations in current flow, across the device, cause some spots to heat up more. Which magnifies the problem, because the device has a negative voltage coefficient. Pretty quickly (100us to 10ms+ time scale, depending on applied power), one spot gets really really hot, burns through, and it's all over, magic smoke.
The same physics befall BJTs (where the phenomenon is called "second breakdown"), and most modern-process MOSFETs. Historically, MOSFETs had been called "free from second breakdown", but I'm pretty sure this was expressly because MOSFETs were so terrible on density that they simply couldn't be made to dissipate enough power to induce the effect. Modern devices are nearly as dense as BJTs, so are frequently just as sensitive. IGBTs have higher density than both, and are even more sensitive, so they're particularly poor at dissipating power at higher voltages.
As for the capacity of a device, it's very complicated. Yes you can sink 60A through that transistor, assuming you heatsink it as well as the manufacturer did when they were testing it (which is often preposterous, but that's another discussion). But that's DC, which isn't very useful for a device that's supposed to be transisting (presumably you want to turn it off and on at some point, too!). But when you turn it off, it doesn't just slam off, it goes gradually, and as it goes, it slides through all those areas of massive power dissipation. Even if it's only switching in 100 nanoseconds, the power is so great that you must take this into account when designing a power switching circuit.
Tim