Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to the National Flood Insurance Program (NFIP) and the private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides.

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• Market Watch: Heavy rains hammered California, causing billions of dollars in damage. But less than 2% of homeowners in the state have flood insurance.