July marked the costliest European flooding event on record and the deadliest in nearly thirty years, while China’s insurance industry joined Germany in having its highest natural disaster payout on record, Aon’s latest Global Catastrophe Recap report says.

Belgium recorded its deadliest and costliest flooding event in its history, while extensive damage also struck neighboring Netherlands, Luxembourg and France.

Total economic losses in Europe were expected to approach $US25 billion ($33.94 billion) and the event is likely to rank as the costliest weather event and second-costliest natural disaster event in Europe in the past 40 years, Aon says, only behind the Irpinia Earthquake of 1980 on an inflation-adjusted basis.

As much as $US20 billion ($27.16 billion) in direct damage was anticipated in Germany alone, while the country’s insurers expected losses of just over a quarter of that total.

“This would mark the costliest individual natural disaster for the German insurance industry on record,” Aon said.

In China, catastrophic flash flooding in the Henan Province killed at least 302 people and damaged property, agriculture and infrastructure. The total economic cost was estimated at nearly $US25 billion ($33.94 billion).

In the Zhengzhou metro area, rainfall records were broken on July 20, costing insurers up to $1.7 billion -- the highest natural disaster payout for the Chinese insurance industry on record.

Aon Impact Forecasting MD Steve Bowen said a hallmark of climate change was extreme events becoming more extreme.

“Flooding in Europe and Asia, while juxtaposed against the most intense drought conditions recorded in North America, highlights the fragility of the climate system and the need to invest in actionable strategic solutions that lower physical and non-physical risks. Improving and stabilising these risks is essential, but also achievable,” Mr Bowen said.

In the US, Hurricane Elsa generated total economic losses estimated at $US775 million ($1.05 billion), with roughly two-thirds of the costs insured.

Significant wildfires broke out in Turkey, Greece and other Mediterranean countries in late July amid a historic heatwave and continued into early August.

Devastating wildfires also broke out in California and Oregon and Dixie Fire became the second largest in California’s modern record, destroying nearly 600 structures.

In Iowa, extensive property and agricultural damage occurred due to baseball-size or larger hailstones which struck the Des Moines region, while the seasonal Southwest Monsoon impacted parts of Arizona and New Mexico. A multi-billion-dollar economic and insured cost is likely.

In India, seasonal monsoon flooding and associated convective storms brought the seasonal death toll to 534 and economic loss of at least $US1.6 billion ($2.17 billion), mostly uninsured.

New Zealand’s South Island was affected by severe floods. Total economic losses were estimated in the tens of millions.