Storms and floods last month are expected to have cost the US economy $US3.5 billion ($4.59 billion), according to Impact Forecasting’s Global Catastrophe Recap.

The Aon Benfield subsidiary says US insurers face a $US2 billion ($2.62 billion) bill following seven “convective storm events” that comprised 1000 reports of tornadoes, straight-line winds and hail.

The Insurance Council of Texas estimates insured losses in its state alone exceed $US1.1 billion ($1.44 billion).

Elsewhere, the most damaging thunderstorm and flood event in at least a decade hit the United Arab Emirates and Oman last month.

UAE insurers believe claims will reach 500 million dirham ($178.55 million).

Head of Impact Forecasting Adam Podlaha says it shows what perils such as floods can do in arid climates, and highlights the importance of worldwide catastrophe modelling.

“With increasing exposures in emerging parts of the world, it becomes even more important to expand catastrophe model capabilities into these new territories,” he said.

Central and eastern China experienced thunderstorms and heavy rain that cost an estimated 3.7 billion yuan ($749.99 million) last month.

In northern Europe Windstorm Jeanne led to hurricane-force winds and flooding, causing an estimated $US100 million ($131.08 million) damage.

India’s drought intensified, causing major crop damage. The country’s National Disaster Relief Fund recently allocated 40 billion rupees ($788.28 million) for seven of the hardest-hit states.

A winter storm in Canada caused about $C130 million ($132.59 million) of economic losses last month, according to the report.