Last month’s 7.8-magnitude earthquake in New Zealand caused at least $NZ3 billion ($2.89 billion) of economic damage, Impact Forecasting’s latest catastrophe report says.

It was the most expensive natural disaster for the month, according to the Aon Benfield subsidiary. The report cites figures from the Reserve Bank of New Zealand, which calculated the bill could rise to $NZ8 billion ($7.69 billion).

Insured losses are estimated at $NZ1-$NZ5 billion ($961 million-$4.81 billion).

Dozens were injured and two killed in the November 14 quake, which struck near the tourist town of Kaikoura in South Island.

“While the losses associated with the November event are not expected to reach the magnitude of the 2010 and 2011 events, it serves as a reminder for the cat modelling sector of the earthquake risk in Oceania,” Impact Forecasting Global Head Adam Podlaha said.

“This year has been marked by several major earthquake events, with the peril thus far second only to flooding as the costliest disaster type.”

November 11 hailstorms in Victoria, NSW and SA cost the Australian economy more than $US225 million ($300.69 million), the report says.

Insurers have paid out $192.6 million from 28,146 claims.

In the US a series of thunderstorms in Texas and New Mexico left insurers with a bill approaching $US300 million ($400.69 million), with economic losses estimated at $US450 million ($601.23 million).

In Europe a powerful low-pressure storm system left parts of the UK, France, Belgium, the Netherlands and Germany with damages of more than $US100 million ($133.61 million).