Floods in China, Russia, the Philippines and Pakistan caused $US10 billion ($10.87 billion) of economic losses last month, according to Aon Benfield’s latest catastrophe report.

China’s Heilongjiang province sustained heavy damage, with 260 people killed and losses of $US5.3 billion ($5.76 billion).

Russia’s far east experienced its worst flooding in 120 years, with more than 10,000 properties damaged and 1.55 million acres of farmland submerged. Total economic losses were estimated at $US1 billion ($1.09 billion).

Typhoon Trami led to exceptional rainfall in the Philippines, with 60% of Metro Manila under water at one stage and damage estimated at $US2.2 billion ($2.39 billion).

In Pakistan, monsoon rains created significant flooding in 5739 villages. At least 208 people were killed, 63,180 homes damaged or destroyed and 1.4 million acres of crops submerged. Agricultural losses were estimated at $US1.9 billion ($2.07 billion).

Steve Jakubowski, President of Aon Benfield subsidiary Impact Forecasting, says the month’s floods continued a “similar theme”.

“Economic losses from flood events have equated to more than 40% of overall losses sustained this year. This highlights the need for insurers to further appreciate the impact of the flood peril through improved analysis and understanding of significant events.”

Elsewhere, baseball-sized hail and 130kmh winds hit the US Midwest, with economic losses estimated at $US1 billion.

And a series of earthquakes rattled New Zealand’s upper South Island and lower North Island, with a 6.5-magnitude tremor striking near the town of Seddon.

The NZ Earthquake Commission has received 3244 claims but overall losses are not expected to be significant.