Global economic catastrophe losses reached $US98 billion ($130.87 billion) in the first half of this year, while insured losses hit $US30 billion ($40.06 billion).

Aon Benfield subsidiary Impact Forecasting says the sums are the highest since 2011, but still below the 10-year averages of $US112 billion ($149.57 billion) and $US31 billion ($41.4 billion) respectively.

Insurers covered 30% of economic losses, slightly above the 10-year average of 28%, due to the prevalence of US losses, where insurance penetration is higher.

The US accounted for 47% of insurance losses in the six-month period.

From an economic perspective, earthquake was the costliest disaster type, comprising 30% of the total loss, mainly attributable to two quakes in Japan’s Kumamoto region in April.

For insurers, severe convective storm was the costliest peril, making up 42% of the loss.

Most of the losses resulted from major US thunderstorms featuring widespread hail, damaging straight-line winds and tornadoes. Texas was particularly badly hit.

Impact Forecasting Director Steve Bowen says a La Nina weather pattern may bring more misery.

“The year has already been highlighted by a significant earthquake sequence in Japan, the Fort McMurray wildfire in Canada, flooding in western Europe and a series of extensive hailstorms in the US,” he said.

“With the pending transition to a La Nina during the second half of the year, there will be a heightened focus on the risk of flooding across parts of Asia and hurricane landfall in the Atlantic Ocean basin.

“The financial toll of weather disasters during La Nina years has historically been among the costliest on record, and so we will wait to see whether this trend plays out in the coming months.”