In the first six months of the year, natural disasters caused worldwide losses estimated at nearly USD 112 billion. Of those losses, only USD 44 billion were insured, representing an insurance gap of 60%, according to the Munich Re’s natural disaster review for the first half of 2026.

Losses were slightly below the inflation-adjusted average figures for the first half of the year over the past ten years (overall losses: USD 113 billion; insured losses: USD 50 billion), but significantly below the 5-year average figures (overall losses: USD 136 billion; insured losses: USD 66 billion).

The most destructive natural disaster was a double earthquake in Venezuela on 24 June. In a matter of minutes, two powerful earthquakes with magnitudes 7.2 and 7.5 struck about 200 km west of the capital, Caracas, near the town of Morón. According to the US Geological Survey (USGS), it was the most powerful quake to hit this highly earthquake-prone region since 1900. Thousands of people lost their lives. According to preliminary estimates, total losses are expected to be in the region of USD 30 billion, including insured losses of less than USD 1 billion.

For insurers, severe thunderstorms in the US were the biggest driver of losses in the first half of the year. However, with total losses of around USD 30 billion and insured losses of USD 22 billion, the damage caused by the thunderstorms in the US was below the average figures for the past ten years (total losses: USD 34 billion; insured losses: USD 26 billion). Yet the tornado and hail events being well within expected ranges would have actually indicated higher losses.

Key findings of the report:

• Global losses from natural disasters remained slightly below the ten-year average
• A severe double earthquake in Venezuela claimed thousands of lives and caused losses in the billions
• Virtually impossible without climate change: record-breaking heatwaves in North America and Europe are putting people at risk and slowing down economies
• Looming “Super El Niño”: extreme weather conditions feared in many regions of the world.

“The first half of the year has provided a welcome breather from previous years of high natural disaster losses. But climate change and growing exposure persist, increasing the risk of larger losses in the future. The best way for society to reduce losses is to stop building in high-risk areas and to keep investing in prevention”, said Thomas Blunck, Member of the Board of Management.

The full report can be found here.