Aon’s latest Global Catastrophe Recap has revealed that flooding and severe convective storms (SCS) caused the highest economic losses during Q1 2026, with SCS highlighted as the most damaging peril for insurers.
The report, which analysed global natural catastrophe activity during the first quarter of the year, found that insured losses reached $20 billion, 6% above the 21st-century average.
Meanwhile, economic losses totalled approximately $37 billion in Q1 2026, down sharply from $113 billion in the same period of 2025. This marked the lowest first-quarter total since 2015 and was 43% below the 21st-century Q1 average.
Aon’s report noted that the largest contributors to the overall insurance toll were winter storms and SCS outbreaks in the United States.
According to the firm, natural catastrophes in the United States accounted for more than 75% of global insured losses in Q1 2026, reaching approximately $16 billion.
Aon’s report also observed that the global insurance protection gap remains “very low” at approximately 46%, as a result of major activity occurring in the well-developed U.S. market.
“Flooding and severe convective storms (SCS) caused the highest economic losses during Q1, with SCS highlighted as the most damaging peril for insurers – especially in the U.S., where the single costliest SCS event (March 10-12) resulted in a $5 billion economic loss and $4 billion in insured loss,” the firm’s report explained.
All told, 12 events each caused more than $1 billion in economic losses during the period under review (long-term average: nine), while five events each generated more than $1 billion in insured losses (long-term average: four).
Natural disasters caused more than 1,640 fatalities in Q1 2026, compared with 6,300 in the same period of the previous year. The majority of fatalities resulted from flooding events.
Michal Lörinc, head of catastrophe insight for Aon, commented on the findings, “Flooding in Western and Southern Europe, and severe storm events in the U.S., accounted for the majority of the first quarter global natural hazard losses.
“In response, we continue to update our capabilities to further address these and other perils – for instance, with the launch of our Automated Event Response service for U.S. severe convective storms – helping our clients respond to potential volatility and make better, more informed business decisions.”
