Initial economic losses from the Nepal earthquake may exceed $US5 billion ($6.3 billion), according to Impact Forecasting’s global catastrophe report for last month.

The sum is about a quarter of the country’s GDP. Only a fraction of the losses will be borne by insurers, because coverage in the country is very low, the Aon Benfield subsidiary says.

The 7.8-magnitude quake killed more than 7000 people and caused widespread damage in the impoverished, landlocked nation.

In Australia, economic losses from severe storms that hit NSW, including the Sydney metropolitan area, are estimated at $1 billion.

Economic losses from storms in the US plains, midwest and southeast regions are estimated at $US250 million ($317 million), with insured losses above $US175 million ($222 million).