A report by reinsurance broker Aon Benfield warns the Atlantic hurricane season is far from over, with damage already reaching into the billions of dollars.

But it says the number of catastrophic events is living up to expectations.

The report, released last week, says this year’s hurricane season was predicted to be above average but there has so far been no “large land-falling insurance loss events”.

Aon Benfield impact forecasting team leader Steve Jakubowski says several hurricanes caused widespread devastation in Central America, but insurance penetration in these regions remains low.

It was a busy month in North America, with hurricanes Earl, Karl, Igor, Matthew and Nicole causing more than $US4.3 billion ($4.38 billion) in insured damage.

Colorado also recorded its most expensive wildfire in the state’s history, with claims totalling more than $US217 million ($220 million).

Europe was battered with wildfires in southern Russia, as well as flooding in parts of Germany and Poland.

NZ also experienced a 7.0 magnitude earthquake in Christchurch and severe weather causing an estimated $NZ2.9 billion ($2.2 billion) damage bill.

“With two months left in the Atlantic hurricane season and atmospheric indicators showing favourable conditions for development, we need to continue monitoring the tropics for any possible threats,” Mr Jakubowski said.