US natural catastrophes generated approximately $36 billion in insured losses during the first half of 2026, accounting for 75% of global insured losses, according to Aon’s Global Catastrophe Recap: First Half of 2026 report.
The country experienced 11 billion-dollar insured events during the period, including nine severe convective storm (SCS) outbreaks and two winter storm events.
SCS, including hail, damaging straight-line winds and tornadoes, remained the costliest insured peril globally. The US SCS outbreak from April 23–29 was the largest single insured catastrophe event of H1 2026, generating more than $5 billion in insured losses.
Overall, US SCS activity resulted in approximately $27 billion in insured losses during the first half of the year, although this remained significantly below the $40 billion-plus recorded in each of the first halves of 2023, 2024 and 2025.
The report also highlighted unprecedented Midwestern tornado activity, with Illinois recording approximately four times its long-term average by mid-year and both Illinois and Indiana establishing new annual tornado records.
Despite the exceptional activity, insured losses remained below recent peak years, illustrating how catastrophe impacts can vary depending on event location, severity and exposure.
Michal Lörinc, Head of Catastrophe Insight, Aon, commented, “Headline global loss figures can obscure where risk is actually accumulating. The first half of 2026 showed how regional events can have significant financial, operational and human consequences even when global loss totals appear moderate. Looking beyond the global total provides a clear view of the impacts facing communities and organisations.”
In terms of overall physical damage, H1 2026 stacked up global economic losses of $111 billion from 23 billion-dollar economic loss events, matching the long-term average.
However, total losses for H1 2026 were 25% below the 21st-century average and marked the lowest first-half total since 2018. Major individual drivers of economic loss included the Venezuela earthquake, which is expected to cause a preliminary $20–30 billion in economic loss, an active nationwide US SCS season at $34 billion, and Portugal’s costliest windstorm on record at $4.4 billion.
Aon emphasised that catastrophe risk is shaped not only by total losses but also by where events occur and their impacts on people, infrastructure, operations, and supply chains.
Record-breaking heatwaves in Europe highlighted how climate-related extremes can create significant human, operational, and societal impacts that are not always fully reflected in insured loss totals.
During late June, 17 European countries exceeded their all-time June temperature records, with temperatures surpassing 40°C (104°F) across much of the continent. The event contributed to thousands of fatalities, including over 1,000 deaths across France, the UK, Spain, and Belgium, making it one of Europe’s most significant heat events on record.
Liz Henderson, Global Head of Climate Risk Advisory, Aon, stated, “Historical loss experience is becoming a less reliable guide to future risk. Events like this year’s European heatwaves demonstrate how emerging vulnerabilities can create new areas of risk that may not always be reflected in insured losses. Understanding these trends is increasingly important to long-term decision-making.”
