Munich Re reports $44 billion insured natural disaster losses in H1 2026

Munich Re said insured losses from natural catastrophes totalled about $44 billion in the first half of 2026, slightly below the ten‑year inflation‑adjusted average of $50 billion and well under the five‑year average of $66 billion. The United States contributed the largest share, driven by severe thunderstorms that caused $4.1 billion in insured damages, while the most destructive event overall was the June 24 earthquakes in Venezuela, which generated roughly $30 billion in damage but less than $1 billion was insured.

The report highlighted a global coverage gap: of the estimated $112 billion in total economic losses from natural hazards, only $44 billion was covered by insurance, leaving a $68 billion shortfall that represents about 60 % of losses. Munich Re warned that a record‑strong El Niño could worsen the deficit in the second half of the year. Other regions saw modest insured losses, with Europe’s winter storms causing about $1.8 billion and the Asia‑Pacific region just over $1 billion.