Last year was the costliest on record for weather-induced catastrophes, with economic damage reaching $US344 billion ($434.99 billion), according to Impact Forecasting.

Overall natural catastrophe losses were 93% higher than the 2000-16 average, with 330 events causing $US353 billion ($446.29 billion) of economic losses, the Aon Benfield modeller says.

Among the most damaging catastrophes were Cyclone Debbie, hurricanes Harvey, Irma and Maria, and Typhoon Hato.

Debbie caused flooding across eastern Australia in March, prompting nearly 74,000 claims worth $US1.3 billion ($1.64 billion) – the costliest event of the year for Asia-Pacific insurers.

The storm’s remnants also led to New Zealand’s largest insured loss for the year, at $US67 million ($84.77 million).

Aon Benfield Head of Analytics Asia-Pacific Peter Cheesman says the reinsurance market was well capitalised to withstand the high volume of payouts.

“This was primarily because more risk was being retained by primary insurers and more catastrophe exposure was laid off into the capital markets,” he said. “As a result, the losses [last year] have been absorbed without compromising the availability of reinsurance capacity.”

Only 13% of disaster losses in the wider Asia-Pacific region were covered by insurance, compared with 56% in Australia, highlighting the urgent need for increased penetration.

Convective storm damage caused economic losses of more than $US825 million ($104.45 million) last year. Three separate flood events in Australia cost nine lives and led to economic losses of more than $US200 million ($253.08 million).

Globally, wildfires caused $US14 billion ($17.71 billion) of insurance losses last year – the highest on record for the peril. Australian bushfires resulted in losses of $US85 million ($107.52 million) from more than 1200 claims.