Global insured natural disaster losses 2026

In July 2026, two major reinsurers released first‑half data that together sketch a picture of the global insured natural‑disaster landscape.

Swiss Re reported a record‑high issuance of catastrophe bonds – $17.6 billion across 64 deals – lifting total outstanding cat‑bond assets to $64.8 billion. At the same time, insured losses fell sharply, dropping 56 % to $47 billion, with the United States accounting for about $36 billion (77 % of the total). The report highlighted several billion‑dollar events, notably a U.S. storm outbreak exceeding $5 billion and a June 24 earthquake sequence in Venezuela that could ultimately top $1 billion in insured damage.

A week later Munich Re presented a similar but slightly lower loss figure of $44 billion, still below the ten‑year inflation‑adjusted average. U.S. thunderstorms alone generated $4.1 billion in insured losses, while the Venezuelan earthquakes caused roughly $30 billion in economic damage but yielded under $1 billion in insured losses. Munich Re emphasized a persistent coverage gap – $68 billion of the estimated $112 billion in total economic losses remained uninsured – and warned that a strong El Niño could widen the shortfall in the second half of the year.

Together, the data show that insured losses in H1 2026 were markedly lower than the prior year, U.S. exposure remained dominant, and the catastrophe‑bond market continued to expand, underscoring both progress in risk transfer and lingering gaps in coverage.