Hurricane Michael is estimated to have caused at least $US15 billion ($20.69 billion) of economic damage in the US, with insurance payouts to exceed $US8 billion ($11.04 billion).

Aon modeller Impact Forecasting’s global catastrophe report for last month says most damage occurred in the Florida Panhandle, but parts of Georgia, South Carolina, North Carolina, Alabama, Virginia and Maryland also suffered wind and flood damage.

It was the fourth-strongest hurricane on record in the US.

Meanwhile, flash flooding in Texas caused an estimated $US350 million ($482.82 million) of damage. Public and private insurers will pay at least $US175 million ($241.41 million).

Severe wind and hail across the northeast US caused tens of millions of dollars in economic and insured losses. And rainfall across Central America from the still-forming Hurricane Michael caused $US100 million ($137.95 million) of flood damage.

Extreme weather in southern and central Europe caused $US3.4 billion ($4.69 billion) of economic losses. Italy suffered floods, landslides, severe wind and strong waves, with the Veneto region recording at least $US1.1 billion ($1.52 billion) of damage. Austria suffered $US270 million ($372.46 million) of damage.

Impact analyst Michal Lorinc says Europe is on course for its costliest year for weather disasters since 2013.

Typhoons in Japan caused $US1 billion ($1.38 billion) of damage last month, while Cyclone Titli in India topped $US920 million ($1.27 billion). Damage from the remnants of Cyclone Leslie in Portugal is expected to reach hundreds of millions of dollars, while total economic losses from Hurricane Willa will be millions of dollars.