Global insured losses in the first half of this year fell to $US20 billion ($28.6 billion) from $US27 billion ($38.7 billion) a year earlier, according to preliminary estimates from Impact Forecasting.

The figures are 45% below the 10-year average of $US36 billion ($51.6 billion) and 26% down from the 18-year average of $US27 billion ($38.7 billion).

Economic losses increased to $US73 billion ($104.6 billion) from $US61 billion ($87.4 billion) but on a long-term basis, they are 22% down from the 2000-2018 average of $US94 billion ($134.6 billion).

The north Queensland floods, which have produced payouts of $1.24 billion, drove insured losses in the Asia-Pacific region to US2.4 billion ($3.4 billion), the Aon-owned catastrophe modeller says.

The floods are one of six billion-dollar economic loss events in the region during the June half.

About 78% of overall insured losses were linked to severe weather and flooding.