Canada experienced its second billion-dollar natural disaster loss of the year as record rainfall in the metropolitan Toronto area during July caused significant flooding and power outages, according to an analysis by Impact Forecasting L.L.C., the catastrophe model development arm of reinsurance intermediary Aon Benfield.

Strong July 8 thunderstorms caused $1.45 billion in economic losses with about half of that total — $730 million — covered by insurance, according to the report, July 2013 Global Catastrophe Recap.

While the storms caused widespread damage to personal and commercial properties, vehicles and infrastructure, no deaths were reported.

The Toronto-area natural disaster followed extensive June flooding in Alberta.

According to Impact Forecasting, the United States experienced three periods of severe weather in July, with most of the damage due to straight-line winds and hail. Total economic and insured losses from the July U.S. weather events are expected to total in the hundreds of millions, the report said.

The number of tornado touchdowns in the U.S. was below normal for the month, with 2013 continuing to be one of the least active tornado years going back to the 1950s, according to the report.

“With the calendar turning into August, the focus in the United States begins to shift from tornadoes to hurricanes as we begin to enter the peak of the Atlantic hurricane season,” Steve Jakubowski, president of Impact Forecasting, said in a statement. “The U.S. remains in a record stretch without a major hurricane landfall (Category 3+), though recent history with Superstorm Sandy (2012), Hurricane Irene (2011) and Hurricane Ike (2008) shows that storms with weaker intensities can still cause catastrophic damage. Historical averages suggest that the U.S. is overdue for a major hurricane landfall, and we'll watch to see what the rest of the 2013 season brings.”

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Seasonal rain that hit several Asian countries in July caused significant flooding and casualties, the report said, including four separate waves of rainfall in China that caused damage in almost every area of the country. Three of those events caused economic losses in excess of $1.0 billion and killed more than 225 people, according to Impact Forecasting.

A magnitude-5.9 earthquake that struck China's Gansu province July 22 killed at least 95 and caused total economic losses of $3.25 billion, while a 6.1 magnitude earthquake that hit Indonesia's Aceh province July 2 killed at least 39 and caused damage estimated in the millions of dollars.

Of three tropical cyclones that hit Asia in July, the costliest was Super Typhoon Soulik, Impact Forecasting said. Between July 13 and 15, that storm caused $460 million in economic damage as it made landfall in Taiwan and China, according to the report.

The full report can be found here.