Flooding in Australia and Indonesia over January has caused economic losses of almost $6 billion and insured losses of $US624 million ($606 million) according to Aon Benfield’s Impact Forecasting catastrophe report for January.

Economic losses in Queensland alone have been initially estimated at $2.4 billion, but Premier Campbell Newman said in an ABC radio interview on Friday that the final figure will be “hundreds of millions higher”.

Insured losses in NSW and Queensland are so far estimated at $300 million.

Impact Forecasting President Steve Jakubowski says the “potential for excessive rainfall and resultant flooding is a major challenge for countries across the world, and yet it is still one of the lesser-modelled perils on a global basis”.

Australia also suffered from catastrophic bushfires in January, with Impact Forecasting saying they caused $125 million in economic losses.

Torrential rains in Jakarta killed 41 people and damaged 100,274 homes, with economic losses forecast at $US3.31 billion ($3.2 billion) and insured losses at $US311 million ($302 million). An earthquake in Indonesia killed one person and damaged 100 or more structures.

Another earthquake hitting Kazakhstan and western China caused losses of $US29 million ($28.17 million), while winter weather in India and in the Middle East caused $US500 million ($485.78 million) in economic damage.

Heavy snowfalls in Europe caused significant transport delays. The economic loss is estimated at more than $US10 million ($9.71 million) for properties, and in the UK claims for damaged cars topped $US5.5 million ($5.34 million).

The January report also records severe thunderstorms and some 50 tornadoes in the US and severe flooding in Brazil, Ecuador and southern Africa.