Several large weather events in February have pushed global economic losses from natural catastrophes to more than $US2 billion ($1.87 billion).

After a quiet start to the natural catastrophe season, February saw everything from blizzards in Asia to an earthquake in the Philippines, Aon Benfield’s monthly Global Catastrophe Recap report says.

Economic losses from storms in the US, extreme cold and snow in Europe and flooding across eastern Australia could see losses more than double the previous month.

Total economic losses from the magnitude 6.7 earthquake which struck the central Philippines last month, killing 116 people and injuring a further 112, are estimated at $US1 billion ($935 million). Insured losses are expected to reach about $US100 million ($93.8 million).

Aon Benfield also estimates the cost of flooding across Queensland and NSW will reach $US919 million ($862 million). More than 5657 claims have been received so far totalling around $111 million.

Other high-impact events include winter storms across eastern and central Europe in late January and early February ($619 million); Winter Storm Andrea in the UK and northern Europe causing a projected $US350 million ($328.36 million) in damage; and Winter Storm Ulli in Scandinavia causing an estimated $US306 million ($287 million).

Steve Jakubowski, President of Aon Benfield subsidiary Impact Forecasting, says March typically ushers in the beginning of the US tornado season.

“Following last year’s record number of tornado-related casualties and the nearly $US26 billion ($24.4 billion) in insured losses sustained due to severe weather events, there is a heightened sense of awareness for the peril in 2012,” he said.