Total economic losses from the storm are expected to exceed $600 million, with insurers paying out roughly 50% of this. Severe weather caused billions of dollars in insured losses in July 2017 , according to Aon . Economic losses in the US alone are expected to reach $ 2bn because of severe storms . Additionally , flash flooding in Southeast Asia killed hundreds of people and flooded roughly 500 homes , while European countries suffered a record - breaking heatwave . Response to extreme weather will increase in the countries most at risk and the issue of resilience will become increasingly important , said meteorologist Steve Bowen , head of catastrophe insight in Aon ’s Impact Forecasting team .
Severe weather caused billions of dollars in insured losses in July 2017 , according to Aon . Economic losses in the US alone are expected to reach $ 2bn because of severe storms . Additionally , flash flooding in Southeast Asia killed hundreds of people and flooded roughly 500 homes , while European countries suffered a record - breaking heatwave . Response to extreme weather will increase in the countries most at risk and the issue of resilience will become increasingly important , said meteorologist Steve Bowen , head of catastrophe insight in Aon ’s Impact Forecasting team .