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Floods dominate July catastrophe report

July featured some of the worst flood catastrophes in history, according to a report by reinsurance brokers Aon Benfield.

The report outlines a series of catastrophic floods that swept parts of Asia last month, causing widespread loss of life and economic losses.

In Pakistan, more than 1500 died in floods and landslides brought on by monsoon rains between July 21-29 which affected 250,000 homes and caused “hundreds of millions” of dollars in losses.

Severe rainfall in China affected more than 650,000 homes located around the Yangtze River with economic losses estimated at RMB84.8 billion ($13.7 billion).

Aon Benfield Impact Forecasting President Steve Jakubowski says the floods were “devastating to the livelihoods of those affected and will have a significant impact on local economies”.

The July heatwave in Europe caused an estimated 2250 deaths, while a prolonged drought sparked wildfires in Russia that killed at least 40 people and razed 10 million hectares of crops.

In the US, heavy rain in Texas damaged around 2000 buildings at a cost of about $US40 million ($44 million).