Floods in Louisiana cost the US economy more than $US10 billion ($13.07 billion) but more than 80% of affected homeowners were not covered, according to Impact Forecasting’s catastrophe report for last month.

Days of extreme rainfall across the Gulf Coast and the midwest caused flood damage that killed at least 13 people.

Public and private insured losses were expected to be in the low billions of US dollars due to limited participation in the National Flood Insurance Program.

Elsewhere last month, a magnitude-6.2 earthquake hit the central Italian towns of Amatrice, Accumoli, Pescara del Tronto, Arquata del Tronto and Posta, killing 296 people, according to the Aon Benfield subsidiary.

Former Italian chief economist and founder of consultant LC Macro Advisors Lorenzo Codogno estimates the economic loss at €5.6 billion ($8.25 billion).

However, low insurance penetration means the insured portion will be much smaller.

Impact Forecasting Director Steve Bowen says the Louisiana floods and Italian quake made it an active month for global disasters.

“While both these events were multibillion-dollar disasters, unfortunately, the vast majority of the losses are likely to be uninsured, further exposing the reality that certain perils remain vastly underinsured regardless of region,” he said.

He says about 75% of the year’s disaster losses have been uninsured.

Other disasters last month included continued flooding in India, bringing the season’s death toll to 600 and destroying more than 100,000 homes, with economic losses estimated at $US462 million ($604.49 million).

China, Pakistan, Vietnam, the Philippines, Japan, North Korea, South Korea, Sudan, South Sudan and Macedonia experienced major flooding, while Myanmar and Peru had notable earthquakes.

Hurricane Earl made landfalls in Belize and Mexico, killing at least 67 people. Total economic losses are estimated at $US250 million ($327.11 million), with more than half in Mexico.

Wildfires in southern France, mainland Portugal and the islands of Madeira (Portugal) and La Palma (Spain) killed at least five people.

The Portugal fires hit 115,000 hectares of land, costing €200 million ($295 million).

California wildfires prompted evacuations and destroyed hundreds of homes, with economic losses forecast at more than $US100 million ($130.77 million), about half of which was spent on fighting the blazes.