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Insured natural catastrophe losses drop to $42 billion in H1 2026

Swiss Re said the total includes $28 billion from severe convective storms, even as insured losses remained 16% below the 10-year average.

Reported · Written up by our desk · Reinsurance

Global insured losses from natural catastrophes fell to an estimated $42 billion in the first half of 2026, according to the Swiss Re Institute, the research arm of reinsurance company Swiss Re.

The total was sharply lower than $91 billion in the first half of 2025 and came in 16% below the 10-year first-half average of $50 billion. Swiss Re also reported that insured losses from all events were $48 billion in H1 2026, compared with $98 billion in H1 2025, with man-made events accounting for $6 billion.

Within natural catastrophe losses, Swiss Re estimated severe convective storms were the largest contributor at $28 billion. The company said storm activity across the US stayed above average, but many major outbreaks avoided Texas, the Southern Plains, and the Southeast.

Swiss Re cautioned that a lower first-half figure does not mean catastrophe risk has diminished, noting that one major hurricane, earthquake, or wildfire could quickly change outcomes. The company pointed to hotter and drier conditions in Europe, saying it now has 64% more hot days than in the 1950s, which it linked to more wildfire friendly conditions.

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