Cyclones, typhoons and other weather events accounted for 96% of the $US225 billion ($315 billion) in natural disaster losses last year, according to Aon’s annual review.

Global losses were sharply down on the record $US438 billion ($613 billion) set in 2017, but it was the third consecutive year above $US200 billion ($280 billion).

About $US90 billion ($126 billion) of last year’s bill was insured, making it the fourth-costliest year for the insurance industry.

Storms in the US, Japan and parts of Asia each caused at least $US4 billion ($5.6 billion) in damage.

Hurricane Michael, which struck the US last October, headed the loss top-10, causing $US17 billion ($23.6 billion) in economic damage.

Hurricane Florence, which hit the country a month earlier, and the Camp wildfire in California were joint second on $US15 billion ($21 billion) each.

In terms of insured loss, the Camp fire was the worst event at $US12 billion ($16.8 billion), followed by Michael on $10 billion ($14 billion) and Typhoon Jebi in Japan on $US8.5 billion ($11.9 billion).

“This is the first time in the modern record that a wildfire has been the most expensive industry event in a year,” Aon says.

Two other major Californian wildfires – the Woolsey and Carr blazes – also cost insurers billions.

In December Sydney suffered the most catastrophic hailstorm outside the US.

“Up to baseball-sized hail led to extensive damage to vehicles, homes and businesses,” the broker says. “Tens of thousands of insurance claims were filed, with total payouts listed well into the hundreds of millions or possibly higher.”

The Insurance Council of Australia says the hailstorm is expected to produce payouts of more than $871 million.