The US Gulf Coast suffered its first hurricane landfall since 2008 when Hurricane Isaac brought a 4.57-metre storm surge, inland flooding and powerful winds causing billions of dollars of damage last month.

Aon Benfield’s catastrophe report for August says assessments of the damage caused by Isaac are still “too early to estimate whether insured losses will approach the $US2.3 billion ($2.22 billion) sustained from 2008’s Hurricane Gustav”.

Significant tropical cyclone activity across the northwest Pacific was recorded, with six typhoons making landfall and causing significant damage in east and southeast Asia. The biggest, Typhoon Damrey, struck eastern China and caused $US3.28 billion ($3.17 billion) in damage and insured losses totalling $US124 million ($120 million).

Typhoon Haikui caused $US2.04 billion ($1.97 billion) in damage in China, while rain from Typhoon Bolaven damaged 35,000 homes and caused economic losses of $US4.63 billion ($4.48 billion). Other floods and typhoons across the Asian region caused $US959 million ($925 million) in damages and killed 225 people.

Steve Jakubowski, President of Aon Benfield subsidiary Impact Forecasting, says last month saw “a series of costly cyclone events globally which have only highlighted the disparity in risk management procedures between countries and also the relative levels of insurance penetration”.

Insurance covered only 3% of the losses from Typhoon Damrey, he said.

Wildfires in the US caused $US210 million ($203.37 million) in damage while in the Great Lakes region $US175 million ($169.47 million) in damage was caused by a violent storm. In Canada severe weather caused hundreds of millions of dollars damage.

Drought in Italy and Russia caused $US1.23 billion ($1.19 billion) and $US1.14 billion ($1.1 billion) respectively in crop losses, while wildfires wreaked havoc in southern Europe and the Balkans.

Iranian earthquakes caused 306 deaths, more than 3000 injuries and $US600 million ($581 million) in damage.

Flooding across north and west Africa killed around 150 people and caused more than $US30 million ($29 million) in damage.

Oceania and South America recorded no natural disaster events in August.