Swiss Re Puts First-Half 2026 Insured Catastrophe Losses at $42 Billion, the Lowest Since 2020

Global insured losses from natural catastrophes totalled an estimated $42 billion in the first half of 2026, the lowest first-half figure since 2020 and 16% below the 2016 to 2025 average, Swiss Re Institute said on 11 August 2026. Severe convective storms, which bring hail, tornadoes and damaging winds, remained the largest driver, with insured losses of about $28 billion, though that was below the long-term trend. Economic losses from natural catastrophes were about $100 billion in the half, of which insurance covered around 42%, above the 30-year average of 33%.

Severe convective storm activity across the United States was above average, but relatively few of the highest-impact storms hit Texas, the Southern Plains and the Southeast, where frequent storms and high concentrations of insured property usually generate the largest losses. In comparison, insured natural catastrophe losses in the first half of 2025 were $91 billion in 2026 prices, driven largely by the Los Angeles wildfires. Swiss Re highlighted the risk of an active European wildfire season after June's record heat and persistent dry conditions.

"A less costly first half of the year does not mean the risk has gone away. An earthquake sequence in Venezuela caused an estimated $20 billion in economic losses. Historically, the second half of the year accounts for an average of 58% of global insured natural catastrophe losses, driven mainly by North Atlantic hurricanes. In its sigma report earlier in the year, Swiss Re projected 2026 insured losses of $148 billion under trend conditions. Catastrophe losses and insurance pricing feed into the cost of owning and financing energy infrastructure.

In Europe, wildfire risk is growing in regions where it was historically lower, which affects transmission lines, substations and renewable energy installations in rural areas. The gap between economic and insured losses is largest in lower-income countries. Lower catastrophe losses in the first half support reinsurer and insurer results, and Swiss Re published its own half-year results in the same period.