The global economy suffered its worst April catastrophe losses in five years, according to Impact Forecasting’s Global Catastrophe Recap for last month.

Earthquakes in Japan are expected to cost insurers about ¥225 billion ($2.83 billion), with total economic losses estimated at ¥1.12 trillion ($14.14 billion).

The quakes on April 14 and 16 killed 66 people and injured more than 4000.

The April 16 Ecuadorian earthquake is expected to cost $US3 billion ($4.06 billion) overall, but low insurance penetration means insured losses will be a fraction of that sum.

The quake killed at least 660 people and injured 17,638.

Five storms in the US plains, midwest, southeast and mid-Atlantic regions and Texas are expected to cost more than $US4 billion ($5.42 billion) overall, with insurers likely to pay out more than $US3 billion ($4.07 billion).

Flooding across Argentina caused total losses to agriculture of 18.6 billion pesos ($1.77 billion).

Impact Forecasting director Steve Bowen told insuranceNEWS.com.au it was the costliest April since 2011.

“It was not an outlier year by any means, but given that the past few years have shown lower-than-average catastrophe losses, it suggests [this year] on the whole is trending towards a costlier year on an overall economic basis and for the insurance industry,” he said.

“This is especially true as we continue a transition from El Nino to La Nina. La Nina years are typically costlier for weather disasters than El Nino… given atmospheric pattern shifts that increase the risk of landfalling US hurricanes and global flooding.”