Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon.

Aon’s monthly global catastrophe report highlights numerous flood events, which, combined are expected to drive an economic loss upwards of $8 billion.

Parts of the U.S. experienced heavy snowfall and rain, record temperatures, severe thunderstorms and hurricane-force synoptic winds, with historic river flooding impacting the Missouri and Mississippi River Basin. Aon says that total economic losses were estimated at more than $4 billion, with up to $1 billion in claims.

In Canada, heavy rainfall, warming temperatures and melting snow resulted in flooding in Ontario and Quebec, with economic losses estimated at CA$150 million, with insurers paying claims up to CA$45 million.

Michal Lörinc, Senior Catastrophe Analyst at Aon’s Impact Forecasting, said: “The major catastrophe events of March highlighted the continued vulnerabilities which exist in both developed and emerging markets. The multi-billion-dollar impacts from flooding in the United States, Iran, and Cyclone Idai in Southern Africa were each enhanced by infrastructure unable to handle the large scale of water inundation.

“In an increasingly volatile era for weather events and their impacts on a growing exposure, it will be critical that resilience and risk mitigation planning will become more pronounced in the public and private sectors.”

Other flood events around the world in the month of March include: