Tornadoes and storms in the US last month could cost the insurance industry at least $US4 billion ($4.21 billion), according to Impact Forecasting’s Global Catastrophe Recap.

A huge tornado hit Moore in Oklahoma in May, killing 24 people, injuring 387 and damaging or destroying up to 13,000 buildings.

Total economic losses from the series of 61 confirmed tornado touchdowns are estimated at $US5 billion ($5.26 billion), with insured losses of at least $US2.5 billion ($2.63 billion).

A second severe weather system in Oklahoma saw at least 76 tornadoes touch down, while hail in Texas, floods in the Midwest and damaging winds in the northeast were also recorded; insured losses from the system are expected to top $US1 billion ($1.05 billion).

Severe weather also hit parts of Europe last month, with three tornadoes recorded in northern Italy and one in Russia.

There is ongoing flooding in central Europe, with total economic losses expected to reach “billions of (US) dollars”.

Heavy rain and thunderstorms across central and southern China damaged or destroyed 171,000 homes, causing total economic losses of 12.3 billion yuan ($2.11 billion).

Impact is reinsurance broker Aon Benfield’s catastrophe modelling arm.