While some big insurers enjoyed significantly lower losses from natural catastrophes in the first half of the year, the industry had to contend with major flooding in Asia and the growing magnitude of the US drought in July.

Aon Benfield’s catastrophe report for July reveals China’s floods have caused more than $US8.3 billion ($7.87 billion) of damage across 24 provinces, leading to 324 deaths, destroying or damaging 475,000 homes and affecting more than 1.66 million hectares of crop land.

The China Insurance Regulatory Commission says 47,000 claims have been filed for July, with payouts in excess of $US176 million ($167.01 million) being made. Parts of Beijing reported their heaviest rainfall in 61 years.

The worst US drought in decades deepened in July as heatwaves caused more than 100 deaths and 64% of the country’s continental land mass was declared drought-affected.

The likely resulting insurance claims are unknown but they are projected to run into billions of dollars for crop losses, as 48% of corn crops and 37% of soya beans are in poor or very poor condition, the report says.

Despite the drought, severe thunderstorms in the Midwest caused economic losses of at least $US450 million ($427.14 million), with insurers reporting more than 50,000 claims with payouts in excess of $US275 million ($261 million).

Elsewhere in Asia, there was flooding in Japan, Indonesia and North Korea. On Japan’s southern island of Kyushu, torrential rainfall caused 870 landslides that killed 30 people and damaged 16,045 homes.

Russia’s worst floods in decades took 171 lives in the Krasnodar region, damaged 7000 homes and caused $US280 million ($265.7 million) of damage, while flooding and storms elsewhere in Europe caused $US126 million ($119.55 million) of damage.

There was also unquantified flood damage in Central America and Nigeria, while Australasia and the Pacific escaped July without catastrophe.