Major flooding in southern regions of the US and parts of Australia, a killer heatwave in India and a powerful earthquake in Nepal were among the costliest catastrophes in May.

Texas and Oklahoma endured the wettest May on record, with flooding hitting a number of cities and towns, including metro regions of Houston, Dallas and Oklahoma City.

With severe thunderstorms and tornadoes elsewhere, the total combined economic losses for the month in the US is estimated at $3 billion, with overall insured losses topping $1 billion. Only relatively low levels of flood protection in parts of Texas and Oklahoma kept the insured losses figure from being much higher, according to the latest Global Catastrophe Recap from Aon Benfield. Aon Benfield is part of reinsurance intermediary and capital advisor Aon.

The May report also noted the devastation caused by a heatwave in India, with temperatures reaching 118F for a number of consecutive days in some states. At least 2,500 people were killed as a result of the intense heat.

A magnitude-7.3 earthquake near Mount Everest in Nepal, on May 12, caused regional economic losses estimated at $1 billion.

In Australia, record-breaking rainfall in the southwestern region of Queensland and northeastern New South Wales, caused by a low pressure system at the beginning of May, caused economic losses of more than $400 million.