Global insured catastrophe losses reach $92b in first nine months of 2026

Global economic losses from natural catastrophes reached at least $242 billion during the first nine months of 2026, while insured losses totaled approximately $92 billion, according to a report from Gallagher Re.

These figures represent the lowest economic and insured losses for the first three quarters of a year since 2015 and 2019, respectively. The reinsurer attributed the decline to an absence of major disasters, despite a near-average number of catastrophe events. Notably, the third quarter marked the sixth consecutive quarter without a single natural catastrophe generating more than $10 billion in insured losses.

Severe convective storms were a primary driver, accounting for nearly 60% of global insured losses. In the United States, these storms generated over $43 billion in insured losses. While losses were lower, Gallagher Re warned that inflation, increasing risk exposure, and frequent disasters such as wildfires and floods continue to pressure claims costs.