El Nino has peaked and may make way for the La Nina weather pattern in the latter half of the year, increasing the risk of tropical cyclones and damaging flooding across eastern Australia, Munich Re’s 2023 natural catastrophe report warns.

Munich Re, a global reinsurer, estimates natural disasters cost the global economy about $US250 billion ($372 billion) in 2023, which was in line with 2022 but above 10-year inflation-adjusted average of $US230 billion.