Impact Forecasting estimates economic and insured losses of almost $US3 billion ($3.9 billion) arising from the storms and floods that hit Texas and Oklahoma last month.

Insured losses will easily exceed $US1 billion ($1.3 billion), the Aon Benfield subsidiary says in its monthly global catastrophe report.

“A meteorologically active month around the globe… was highlighted by record rainfall from persistent thunderstorms across… Texas and Oklahoma,” Associate Director and Meteorologist Steve Bowen said.

“The rains… led to major riverine and flash flooding in areas that had long been mired in a multi-year drought.”

The storms claimed more than 40 lives and damaged more than 5000 houses in Texas.

In Australia, insurers face a payout of $360 million after receiving at least 27,825 claims from flood-related damage in NSW and Queensland.

Flooding in the southern and eastern regions of China, which damaged 20,000 homes and killed at least 20 people, caused economic losses of $US254 million ($330.4 million).