Indian insurers are expected to foot a $650m bill following the Cyclone Hudhud of October, a monthly global catastrophe report has estimated.
As well as insured losses, wider economic losses are expected to be $11bn across multiple Indian states, said Impact Forecasting - the catastrophe model development arm of Aon Benfield.
Meanwhile, catastrophe modelling firm AIR Worldwide has said $400m seemed a likely figure for insurers to pay out. Its estimate reflected physical damage to residential, commercial, and industrial properties, because of wind and rain-induced flooding.
Cyclone Hudhud hit Vizag on October 12, the largest city on the east coast of India with a population of 2 million.
Steve Bowen, associate director at Impact Forecasting, noted that while the US was close to completing a year with a major hurricane, insurers in Asia are coping with a series of cyclones that have led to considerable damage in India and Japan.
He said: 'The past two years of cyclone landfall in Asia, including such storms as Fitow, Haiyan, Hudhud, Phalin, and Rammasun have shown that tropical cyclones are becoming an increasingly costly peril for insurers with exposures outside of the US.'
Impact Forecasting highlighted that Japan was struck twice in one week by weakened Super Typhoons Phanfone and Vongfong, causing an estimated economic damage of $200m. Seventeen people were killed.
Munich Re noted earlier this year that storms and floods in Europe along with super typhoon Haiyan dominated the overall picture of natural catastrophes in 2013, but globally insured losses remained below average.
