Natural disaster insured losses were slightly above the 21st-century average but the lowest for the first nine months of a year since 2019, as regional loss concentrations intensified, according to the re/insurance broker
Global insured losses from natural catastrophes reached an estimated $91bn during the first nine months of 2026, according to Aon.
The re/insurance broker’s total was slightly above the 21st-century average of $88bn, but below the $135bn average of the past five years and the lowest for the period since 2019.
Global economic losses reached around $204bn, Aon reported, 31% below the 21st-century average and the lowest first-nine-month total since 2015.
Despite the relatively moderate aggregate losses, Aon recorded 42 events generating at least $1bn of economic damage, compared with a long-term average of 37.
Twenty-three events produced insured losses of at least $1bn, against a historical average of 14.
The global protection gap stood at around 55%, while severe convective storms were the costliest peril for both economic and insured losses.
The US accounted for 62% of global insured catastrophe losses, Aon reported.
Michal Lörinc, head of Catastrophe Insight, Reinsurance at Aon, said: “Moderate global totals can mask significant regional impacts and emerging concentrations of risk.
“The first nine months of 2026 demonstrated the need to look beyond aggregate figures and understand how changing hazard patterns, exposure and insurance penetration affect communities, governments and businesses.”
Europe drought leads insured losses
European drought was the costliest insured event of the year to date at more than $8.5bn.
Persistent heat and dry conditions across Europe between May and September also contributed to low river flows, wildfire activity, agricultural losses and increased subsidence risk.
Aon estimated combined economic losses from drought and heat at more than $14bn, with France accounting for around $7.5bn of economic losses and $5bn of insured losses.
The report said 37% of European land area recorded an all-time daily, monthly or seasonal average temperature, while 52% experienced very strong heat stress.
In Canada, insured losses exceeded $3.3bn during the first nine months, making the period the fourth costliest since 2000.
Earthquakes expose protection gaps
The Venezuela earthquake on 24 June was the year’s costliest economic loss event at an estimated $25bn, but insured losses are expected to represent only a small proportion because of limited insurance penetration and domestic market capacity.
The 10 August Colombia earthquake caused an estimated $9.6bn of economic losses, making it the costliest global event of the third quarter.
Aon said insured losses and reinsurance recoveries from the Colombian event are expected to be substantial but manageable, supported by existing reinsurance programmes, catastrophe reserves and insurer capitalisation.
Lörinc said: “Together, the events demonstrate how major earthquakes can transfer a significant financial burden to households and governments where protection gaps remain wide.
“Through the development of proprietary analytics tools, and through working with our clients and markets worldwide, our aim is to reduce this protection gap and better serve communities, governments, and businesses wherever they are situated,” he added.
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