Natural disasters caused global economic losses of more than $US5 billion ($6.7 billion) last month, according to the latest report from Aon Benfield subsidiary Impact Forecasting.

Floods in China’s Yangtze River basin accounted for most of the sum, with economic losses of more than $US4.4 billion ($5.89 billion). Insured losses are predicted to be relatively low due to poor insurance penetration.

Global Head of Impact Forecasting Adam Podlaha warns the devastation may be a sign of things to come.

“With the continued expectation of a transition towards La Nina in the second half of this year… June provided a potential precursor to some of the global impacts typically experienced,” he said.

“The enhanced seasonal monsoon rainfall across China and elsewhere in Asia was amplified as flooding caused considerable property and agricultural damage.

“With catastrophe models becoming more prevalent in Asia-Pacific, the insurance industry is better able to provide a clearer understanding of the financial risks that the flood peril increasingly poses.”

Catastrophic flooding also hit the US state of West Virginia, affecting up to 5500 homes and 125 businesses.

Economic losses were expected to hit hundreds of millions of US dollars, but insured losses should be mitigated by the Government’s National Flood Insurance Program.

There were also major flood events in India, Indonesia, Myanmar and Ghana last month, and damaging thunderstorms across the US and Netherlands.

The east-coast low that struck eastern Australia, killing at least four people, has so far resulted in 32,000 claims and insured losses of $235 million.

The Erskine Fire in California last month damaged or destroyed at least 298 homes and structures, causing economic losses of more than $US100 million ($133.94 million).