Record-breaking cold temperatures in the US last month could rack up costs of more than $US10 billion ($12.83 billion) while in Australia, Tropical Cyclone Niran caused $200 million in crop damage alone when it hit Queensland and NSW, Aon’s latest monthly catastrophe report says.

The costliest-ever Polar Vortex for the insurance industry impacted most of the US from February 12-20, generating record-breaking cold temperatures which extended as far south as the US/Mexico border.

Hazardous snow, sleet, freezing rain, ice and severe thunderstorms hit areas spanning Washington state in the north-west to the mid-Atlantic, causing power outages for millions, transportation disruptions, extensive property damage - particularly in the Southern Plains due to burst pipes - and impacts to the agricultural sector.

Aon expects the total direct economic cost in damages and net-loss business interruption to well exceed $US10 billion ($12.87 billion).

Despite being the coldest February for the US in a generation, it marked only the 19th coldest February since the late 1800s.

“As the climate changes, such prolonged bouts of cold temperatures are likely to be less frequent but the intensity of extreme cold events will grow more volatile,” director and meteorologist at Aon Steve Bowen said.

“The impacts in Texas highlight the importance of infrastructure modernisation and improved building code practices to better prepare for more unusual weather behaviour in the future.”

In Australia, Tropical Cyclone Niran caused notable wind and flood-related impacts across the coastal areas of Queensland and NSW from February 25 to March 4. Thousands of homes and other infrastructure was damaged.

Multiple bushfires ignited in the Perth suburbs from February 1-7, burning around 10,600 hectares (26,200 acres) and destroying more than 81 homes. The Insurance Council of Australia declared an emergency and said more than 730 claims had been filed. Insured losses were listed at $60 million.

Tropical moisture along Australia’s west coast prompted “once-in-a decade” rainfall and flooding from February 3-8. Notable flood damage was cited to local infrastructure and agriculture as economic damage reached into the millions.

In Japan, a magnitude 7.1 earthquake struck off the coast of the Fukushima Prefecture on February 13, killing one person and injuring 187 others. As many as 4700 residential structures were damaged or destroyed and losses were expected to reach into the hundreds of millions of US dollars, with nearly 88,000 insurance claims already filed.

In Brazil, heavy rains and severe flooding affected at least 130,000 people and a state of disaster was declared across 10 municipalities. Total economic losses were anticipated to reach into the tens of millions.

France experienced notable flooding in the first half of February as multiple rivers registered notable crests. A state of natural disaster was declared for 19 municipalities, and a preliminary assessment of total economic loss was in the tens of millions of euro.