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Insured natural catastrophe losses total at least $46B in H1 2026
Gallagher Re said insured catastrophe losses were 28% below the 10-year average, despite a wider protection gap where 68% of economic losses were left uninsured.
Insured natural catastrophe losses totaled at least $46 billion in the first half of 2026, which is 28% below the decadal average of $64 billion, according to Gallagher Re’s Natural Catastrophe and Climate Report, as covered by Risk & Insurance.
Globally, economic losses from natural catastrophes reached a minimum of $142 billion in the same period, 10% below the 2016-2025 average of $159 billion and the lowest H1 total since 2020, when losses were $129 billion.
Gallagher Re found the period featured five consecutive quarters from the second quarter of 2025 through the second quarter of 2026 without a natural catastrophe event costing insurers more than $10 billion, while there were 30 billion-dollar economic loss events, below the 10-year average of 33, and 11 insurer billion-dollar events versus a 10-year average of 16.
Even with lower catastrophe activity, the report said abundant capacity and below-average losses have continued to push property catastrophe reinsurance pricing lower, while the protection gap remains wide, with 68% of the $142 billion in H1 economic losses left uninsured.