Global economic losses totaled USD 111 billion during 1H2026, 25% below the 21st-century average and the lowest first half total since 2018. However, the period still produced USD 23 billion economic loss events – matching the long-term average – and USD 13 billion insured loss events, exceeding the historical average of USD 10 billion insured loss events.

Aon’s Global Catastrophe Recap: First Half of 2026 report indicates that while global catastrophe losses remained below average, the first half of the year included an average number of billion-dollar disasters, above-average insured loss events and several record-setting regional catastrophes. The findings highlight how catastrophe risk is shaped not only by total losses but also by where the events occur and their impacts on people, infrastructure, operations and supply chains.

Among the period's defining events were the Venezuela earthquake (preliminary USD 20-30 billion economic loss), Portugal's costliest windstorm on record (USD 4.4 billion economic loss) and an active SCS season across the U.S. (USD 34 billion economic loss). Together, these events highlight the importance of looking beyond aggregate loss totals to understand how catastrophe risk is evolving across regions and perils.

"Headline global loss figures can obscure where risk is actually accumulating", said Michal Lörinc, head of catastrophe insight for Aon. "The first half of 2026 showed how regional events can have significant financial, operational and human consequences even when global loss totals appear moderate. Looking beyond the global total provides a clear view of the impacts facing communities and organizations”, Michal Lörinc added.

Severe convective storms, including hail, damaging straight-line winds and tornadoes, remained the costliest insured peril globally, with the U.S. outbreak from April 23–29 becoming the largest insured catastrophe event of the first half of 2026, generating more than USD 5 billion in insured losses. Overall, U.S. natural catastrophes generated approximately USD 36 billion in insured losses, representing 75% of global insured losses in 1H2026. In total, the U.S. experienced USD 11 billion insured events, including nine severe convective storm outbreaks and two winter storm events.

While severe convective storms remained the dominant driver of insured losses, first half of 2026 also demonstrated how catastrophe impacts can extend beyond traditional loss metrics. Europe’s record-breaking heatwave highlighted how climate-related extremes can create significant human, operational and societal impacts that are not always fully reflected in insured loss totals.

During late June, 17 European countries exceeded their all-time June temperature records, with temperatures surpassing 40°C (104°F) across much of the continent. The event contributed to thousands of fatalities, including more than 1,000 deaths across France, the UK, Spain and Belgium, making it one of Europe's most significant heat events on record.

"Historical loss experience is becoming a less reliable guide to future risk", said Liz Henderson, global head of climate risk advisory for Aon. "Events like this year's European heatwaves demonstrate how emerging vulnerabilities can create new areas of risk that may not always be reflected in insured losses. Understanding these trends is increasingly important to long-term decision making", Liz Henderson added.

The report can be found here.