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Munich Re estimates $44bn in insured natural catastrophe losses in H1 2026

Insured losses fell to $44 billion in the first half of 2026, down from $80 billion in the same period of 2025, while total economic losses rose to about $112 billion, leaving an estimated 60% insurance gap.

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Reinsurance firm Munich Re estimates global insured natural catastrophe losses totaled US $44 billion in the first half of 2026, which it says is below long-term averages and a sharp decline from last year’s $80 billion, according to its data.

Munich Re estimated total economic losses reached nearly $112 billion for H1 2026, implying an insurance gap of 60% when compared with insured losses, it said. It also noted that inflation-adjusted figures from the past decade were marginally higher for H1 2026, while 5-year averages were substantially above the current period.

The United States accounted for the largest share of global insured catastrophe losses, with total economic losses of about $47 billion by June and $34 billion of that insured, Munich Re said. It identified a severe thunderstorm outbreak in April as the costliest North America event in the first half of 2026, describing an April system across several Midwestern states reaching as far south as Texas, with around 100 tornadoes including an EF4 tornado and losses of $5.8 billion, about $4.1 billion insured.

Munich Re also said the double earthquake in Venezuela on June 24 was the most destructive disaster recorded during the period, with preliminary estimates placing total losses around $30 billion and insured losses under $1 billion. It added that, for insurers, severe thunderstorms in the US were the biggest driver of losses in H1 2026, though it said the US damage was below average for the past decade in insured and total terms.

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