Economic losses in Argentina and Uruguay are expected to reach $US4 billion ($5.2 billion) as the countries grapple with their worst drought in 30 years, Impact Forecasting says.

The Aon Benfield subsidiary’s monthly global catastrophe report says Argentina’s economic losses are estimated at $US3.4 billion ($4.4 billion) – equal to a 0.5% reduction in GDP.

Uruguayan agriculture officials expect losses to top $US500 million ($651 million).

Economic damage from severe winter storms in the US last month is expected to reach $US3 billion ($4.4 billion), with public and private insurers covering about two-thirds.

More than a dozen states suffered widespread damage, with 10 people killed.

A series of earthquakes and aftershocks in Papua New Guinea caused estimated damage of $US190 million ($247 million), with the sum likely to increase. More than 10,000 homes were damaged.

Economic losses from a series of storms in Spain and Portugal are expected to reach tens of millions of dollars.

Insurance payouts following bushfires in NSW and Victoria and tropical cyclones in the NT and Queensland are expected to exceed $US61 million ($79 million).