Insurers face Nat CAT losses in 1H2026 consistent with the 21st-century average

Source: Middle East Insurance Review | Sep 2026

The insurance sector faced losses of approximately $47bn from disasters in the first half of 2026, with additional adjustment to these figures expected. This was broadly in line with the average since 2000, says Aon, a leading global insurance broker.

In its recent “1H 2026 Natural Disaster Events and Loss Trends” report, Aon says that the largest contributors to the overall toll were Severe Convective Storm (SCS) outbreaks in the US.

Natural catastrophes in the US accounted for more than 77% of global insured losses in the first half of 2026, reaching approximately $36bn —26% above the regional average. Industry losses across Asia and the Pacific were well below the long-term mean. On the other hand, disaster activity picked up towards the end of the second quarter in Canada, where two large events are expected to cost insurers more than C$1bn ($712m). Similarly, multiple storms and flood events across Europe drove insured losses in the region close to the average of $8bn. The global insurance protection gap remains relatively low at approximately 57%, as a result of major activity occurring in well-developed US and European markets.

Economic losses tracked below average in 1H

Global economic losses from natural disasters in the first half of 2026 reached approximately $111bn, which was well below the 21st-century average of $149bn, and at their lowest since 2018. They were also below the median of the same period ($133bn). These figures are subject to change as additional loss development and data updates are expected in the coming weeks and months.

The largest portion of global losses was attributed to SCS outbreaks, with notable events across the US and Europe. Nearly a quarter of the losses stemmed from a devastating earthquake in Venezuela, which became the costliest event of the period, with a preliminary estimate of economic losses in the range of approximately $20-30bn (subject to change). Economic damage from catastrophes was relatively subdued in Asia and the Pacific, with well below economic losses registered by the end of June.

In total, there were at least 23 events that resulted in total economic losses of at least $1bn. There were 13 such events in the US, six in EMEA, and at least two in both the APAC and Americas regions. M

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