Severe weather in the US during March caused $US2 billion ($1.9 billion) in economic losses and $US1.1 billion ($1.06 billion) in insured losses, according to Aon Benfield’s monthly Global Catastrophe Recap report.

At least 41 people were killed in 65 tornadoes, including two EF-4 tornadoes that caused extensive damage in Indiana, Kentucky, Tennessee and Ohio.

In addition, severe weather in the Great Lakes area resulted in 20,000 insurance claims and estimated payouts exceeding $US150 million ($144 million).

Tornadoes were also recorded in Indonesia and Australia.

Steve Jakubowski, President of Aon Benfield subsidiary Impact Forecasting, says that after an active US severe weather season last year, the first quarter of this year has also been busy.

“We have already sustained more than $US1.8 billion ($1.7 billion) in insured losses from convective storm events as we enter the climatologically most active severe weather months of the year,” he said.

“Despite the heightened activity thus far, it is nearly impossible to forecast and project losses for the rest of 2012.” 

Elsewhere, a magnitude-7.4 earthquake in Mexico damaged 44,000 homes, businesses, hospitals and schools. The Mexican Association of Insurance Institutions reported insured losses of 2.07 billion pesos ($152 million).

Flooding in NSW and Victoria killed two people and caused insured losses of $108.2 million. Almost 9000 claims were filed. In WA, Cyclone Lua caused $217 million in economic losses after Port Hedland briefly closed.

Floods were recorded in the Philippines, Fiji, Ecuador, Chile, Colombia and the United States.

More than 84 people were killed and 78,000 left homeless after Cyclone Irina affected Madagascar, Mozambique and South Africa.