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Munich Re says insured natural disaster losses hit $44bn in H1 2026
The reinsurer estimates total global losses near $112bn, while pointing to a 60% insurance gap and warning that climate change and exposure could raise future damage.
Munich Re said insured losses from natural disasters reached USD 44 billion in the first half of 2026, with the broader estimate for overall global losses coming in at nearly USD 112 billion. In its review, the reinsurer said the resulting insured losses figure implies a 60% insurance gap.
The report noted the H1 2026 insured losses were slightly below inflation adjusted averages over the past ten years, with overall losses at USD 113 billion and insured losses at USD 50 billion. Munich Re also said losses were significantly below the 5 year average, when overall losses were USD 136 billion and insured losses USD 66 billion.
Munich Re cited a double earthquake in Venezuela on 24 June as the most destructive natural disaster, forecasting total losses of USD 30 billion, with insured losses expected to be under USD 1 billion by region. In the United States, the reinsurer said severe thunderstorms were the biggest loss driver in H1 2026, with total losses around USD 30 billion and insured losses of USD 22 billion, though damage was still below the ten year average.
The reinsurer said North America saw total losses of around USD 47 billion by June, including USD 34 billion insured, and described an April severe thunderstorm outbreak as the costliest event in the region, spanning multiple Midwestern states and reaching as far south as Texas. Munich Re added that, despite a relatively quiet North Atlantic hurricane season through June, powerful hurricanes can still form even during El Niño conditions and argued prevention and avoiding construction in high risk areas are the best way to reduce losses.