California braces for drought from the fifth La Niña in six years. The La Niña phenomenon is often linked with droughts in California, Argentina and Brazil, and the destructive flooding that recently swept Southeast Asia.

Deadly flooding in Asia and early snowstorms across the U.S. are signaling the return of a weather-roiling La Niña, a cooling of Pacific waters that can disrupt economies and trigger disasters worldwide.

The La Niña phenomenon is often linked with droughts in California, Argentina and Brazil, and the destructive flooding that recently swept Southeast Asia. These types of catastrophes have become a larger factor in setting terms for insurers, farmers and energy providers.

In recent La Niña years, global losses have ranged from $258 billion to $329 billion, according to Aon, a reinsurance broker and data analysis firm. Despite year-to-year swings in damage totals, the overall trajectory is unmistakable: Extreme weather is pushing losses higher.