A few weeks ago IAG CEO Michael Hawker warned that warming seas off the east coast of Australia could lead to cyclones around the coastal borders of Queensland and NSW. Now come reports from the US that insurers are linking similar influences for bringing four hurricanes to the US in six weeks, as well as 21 typhoons in the Pacific this season.

Insurance claim payouts for the four Florida hurricanes to date will exceed $22 billion, according to the Insurance Information Institute. This means that four of the 10 most costly hurricanes in US history have occurred in Florida in the past six weeks. Insurers have so far dealt with two million claims – nearly three times the number of claims generated by Hurricane Andrew in 1992.

One small US insurer, American Superior, says it can’t cope with all the claims and has entered into “rehabilitation” with the Florida Department of Financial Services. This means the state takes over its operations and if it is unable to pay all claims it is put into liquidation.

Europe’s big reinsurers have revealed some heavy losses from hurricanes and typhoons that have hit the US and Japan. Munich Re has downgraded its 2004 earnings targets after losses of €500 million it blamed on the extreme weather.