Global catastrophe losses remained below historical averages in the first half of 2026, but significant regional disasters, record-setting events and rising insured losses highlighted the evolving nature of catastrophe risk, according to Aon plc's Global Catastrophe Recap: First Half of 2026 report. Global economic losses reached $111bn during H1 2026, 25% below the 21st-century average and the lowest first-half total since 2018. However, the period recorded 23 billion-dollar economic loss events, in line with long-term averages, and 13 billion-dollar insured loss events, exceeding the historical average of 10. Aon said the figures showed that global loss totals alone do not fully capture the impact of disasters on communities, infrastructure, businesses and supply chains.
Several major regional catastrophes drove losses during the first half of the year, including the Venezuela earthquake, which caused preliminary economic losses estimated at $20bn to $30bn, Portugal’s costliest windstorm on record, which resulted in $4.4bn in economic losses, and an active US severe convective storm season that generated $34bn in economic losses.
Severe convective storms, including hail, damaging winds and tornadoes, remained the world’s costliest insured peril, accounting for the largest share of insured losses during the period. The US outbreak from 23–29 April was the largest insured catastrophe event of H1 2026, generating more than $5bn in insured losses.
Europe’s record-breaking heatwave in late June demonstrated how climate risks can create major consequences even when insured losses are limited. Seventeen European countries recorded their highest-ever June temperatures, with parts of the continent exceeding 40°C (104°F). The event contributed to thousands of fatalities, including more than 1,000 deaths across France, the UK, Spain and Belgium.