Insured losses from the most powerful hurricane ever recorded in the Western Hemisphere, Hurricane Patricia, are expected to be negligible.

The Category 5 hurricane struck the Pacific coast of Mexico, near Cuixmala, on October 23. It had maximum sustained winds of 200 miles per hour, and damaged or destroyed 5,000 homes, killing 14 people.

However, the storm missed more densely populated areas to the immediate north and south.

“Given low insurance penetration in the hardest-hit areas, insured losses are expected to be negligible,” said Aon Benfield’s catastrophe model team, which produced the Global Catastrophe Recap report for October.

Economic losses from Hurricane Patricia are expected to be above $300 million.

Thousands of miles away, on the opposite side of the Pacific, Typhoon Mujigae became the costliest tropical cyclone of the year when it hit the Philippines and China at the start of last month.

The Category 3 typhoon killed 22 people and caused economic losses of $4.2 billion.

Warm sea surface temperatures in the Pacific, which have enhanced the intensity of the El Niño weather phenomenon, are believed to have bolstered the impact of natural catastrophes during October.

Record-setting rainfall caused flooding in South Carolina, killing 19 people and causing $2 billion in economic losses, making it one of the top ten costliest non-tropical cyclone flood events in the US since 1980. Public and private insurers have already paid out more than $400 million in claims related to the floods.

Severe thunderstorms and flash flooding in the French Riviera, between Monaco and Frejus. Economic losses are estimated at more than $1 billion, with the French insurance industry expected to payout $720 million.

At the beginning of October, Hurricane Joaquin caused economic losses of about $100 million when it lashed the Bahamas and later made a close pass of Bermuda. Most of the damage was focused on the Bahamas, although the Bahamian insurance industry does not expect insured losses to exceed $50 million. The hurricane, which reached Category 4 strength at its peak, was blamed for the sinking of the cargo ship El Faro, near the Bahamas, with the loss of 33 crew.