Canada has recorded its second billion-dollar natural disaster event of 2013 with a series of strong thunderstorms in the greater Toronto metropolitan region last month.
Impact Forecasting, part of Aon Benfield, said the economic losses from the storms were estimated at CA$1.5bn (US$1.45bn), with an expectation that roughly half the cost would be covered by insurance.
The July 8 storms prompted significant flooding and power outages. There was widespread damage to properties, vehicles and infrastructure, but there were no fatalities or serious injuries reported.
The severe weather in Toronto followed extensive flooding in Alberta in June, which produced estimated losses of CA$4.0bn (US$3.8bn) and the death of at least four people.
Aon Benfield's Global Catastrophe Recap also highlighted three stretches of severe weather across the United States in July, with total losses expected to reach hundreds of millions of dollars.
Steve Jakubowski, president of Impact Forecasting, said that the US had entered a record period without a major hurricane making landfall.
'Historical averages suggest that the US is overdue for a major hurricane landfall, and we'll watch to see what the rest of the 2013 season brings.'