Global Insured Catastrophe Losses Reach $91 Billion Through Q3 2026

Global insured losses from natural disasters reached an estimated $91 billion during the first 9 months of 2026, according to Aon International's Global Catastrophe Recap: Third Quarter of 2026 report. The total was slightly above the 21st-century average of $88 billion but was the lowest for the period since 2019 and remained below the 5-year average of $135 billion.

Global economic losses totaled approximately $204 billion, 31 percent below the long-term average and the lowest first-9-month total since 2015. Despite the lower overall losses, 42 catastrophe events generated economic losses of at least $1 billion each, compared with a historical average of 37, according to the report.

The global insurance protection gap, representing the portion of economic losses not covered by insurance, stood at approximately 55 percent. Aon International reported that severe convective storms were the costliest peril, generating approximately $55 billion in insured losses worldwide.

US Storms and European Drought Drive Losses

The United States accounted for approximately 62 percent of global insured catastrophe losses, totaling $56 billion through September. According to the report, severe convective storms generated more than $43 billion in US insured losses, remaining above the long-term average despite declining from the elevated levels of recent years.

European drought was the costliest insured catastrophe event during the period, generating more than $8.5 billion in insured losses. According to Aon International, prolonged heat and dry conditions affected agriculture and property, with France accounting for approximately $5 billion in insured losses associated with drought.

Canada also experienced elevated catastrophe activity, recording more than $3.3 billion in insured losses through September. The report attributed the losses to multiple summer events, including severe thunderstorms, flooding, and wildfires, making 2026 the country's fourth-costliest first-9-month period since 2000.

Hurricane Activity and Earthquakes Highlight Regional Differences

The Atlantic hurricane season passed through September without producing a hurricane, only the fourth such occurrence since 1950. In contrast, the eastern and central Pacific produced eight major hurricanes, including three Category 5 storms. According to Aon International, the contrasting activity reflected the influence of a strong El Niño event.

Major earthquakes in South America also contributed to catastrophe losses. A June earthquake in Venezuela generated approximately $25 billion in economic losses, making it the costliest event globally during the first 9 months of 2026. According to the report, limited insurance penetration meant that only a small portion of those losses was expected to be insured.

Annual Insured Losses Expected to Exceed $100 Billion

Global insured catastrophe losses totaled approximately $29 billion during the third quarter alone, 31 percent below the long-term average. Aon International projected that additional catastrophe activity during the fourth quarter would likely push annual insured losses above $100 billion, with preliminary estimates subject to revision as more information becomes available.