Aon: Global Catastrophe Losses Below Average in First Half of 2026

Aon has released its Global Catastrophe Recap: First Half of 2026 report, which found that global natural catastrophe losses during the first 6 months of the year were below long-term averages, even as several regions experienced significant disasters and an above-average number of insured loss events.  

Global economic losses from natural disasters reached approximately $111 billion in the first half of 2026, 25 percent below the 21st-century average of $149 billion and the lowest first-half total since 2018, according to the report. The period included 23 billion-dollar economic loss events, matching the long-term average. Severe convective storm (SCS) outbreaks accounted for the largest share of losses, while the June earthquakes in Venezuela were the costliest individual economic-loss event, with preliminary losses estimated between $20 billion and $30 billion, per the report.  

Global insured losses were estimated at $47 billion, slightly above the 21st-century average and the lowest first-half insured loss total since 2019, according to Aon. The report said the global insurance protection gap—the portion of economic losses not covered by insurance—remained approximately 57 percent. At least 13 billion-dollar insured loss events occurred during the period, exceeding the historical average of 10.  

The United States accounted for more than 77 percent of global insured losses, totaling approximately $36 billion, according to the report. SCS outbreaks remained the dominant insured peril worldwide, with the April 23–29 US storm outbreak generating more than $5 billion in insured losses, making it the largest insured catastrophe event of the first half of the year.  

Aon also highlighted notable regional differences in catastrophe activity. Economic losses in Asia-Pacific remained well below long-term averages, while Europe experienced multiple wind and flood events that drove insured losses close to the region's historical average. In the Americas, the Venezuela earthquakes represented the costliest event, followed by significant flooding in Colombia, according to the report.  

Within the United States, insured losses from SCS totaled approximately $27 billion, materially below the more than $40 billion recorded during the first halves of 2023 through 2025, according to Aon. The report attributed the lower losses to fewer high-frequency events across major storm perils and a more fragmented pattern of losses despite exceptionally active tornado activity. Illinois recorded approximately four times its long-term average number of tornadoes by mid-year, while both Illinois and Indiana set new annual tornado records.  

The report also examined climate trends that could influence future catastrophe risk. Aon said a potential strong El Niño could suppress North Atlantic hurricane activity during the 2026 season, with multiple forecasting agencies projecting below-normal activity. At the same time, the report noted that El Niño should be viewed as a long-term climate signal that can influence catastrophe patterns across multiple regions and years rather than as a predictor of individual events.  

In Europe, the report documented an intense late-June heatwave that set June temperature records in 15 European countries and contributed to thousands of fatalities. According to Aon, the event underscored the growing impact of extreme heat and the increasing frequency of temperature extremes across the continent.