Aon’s latest global catastrophe review shows that flooding and severe convective storms (SCS) caused the highest economic losses in the first quarter of 2026, with SCS highlighted as the most damaging hazard for insurers.
The report analyzed global natural catastrophe activity in the first quarter of this year and found that insured losses reached $20 billion, 6% higher than the 21st century average.
Meanwhile, economic losses in the first quarter of 2026 totaled about $37 billion, down sharply from $113 billion in the same period in 2025. This was the lowest first-quarter loss total since 2015 and 43% below the 2001 first-quarter average.
Aon’s report noted that the largest contributors to overall insured losses were winter storms and the South Sea Syndrome outbreak in the United States.
The company said insured losses from natural disasters in the United States accounted for more than 75% of global insured losses in the first quarter of 2026, amounting to approximately $16 billion.
Aon’s report also noted that the global insurance protection gap remains “very low” at around 46% due to significant activity in the developed US market.
The company’s report explains: “Floods and severe convective storms (SCS) caused the highest economic losses in the first quarter, with SCS highlighted as the most damaging hazard for insurers, particularly in the United States, where the costliest SCS event (March 10-12) resulted in $5 billion in economic losses and $4 billion in insured losses.”
A total of 12 incidents resulted in financial losses exceeding USD 1 billion during the period under review (long-term average: 9 incidents), while 5 incidents resulted in insured losses exceeding USD 1 billion each (long-term average: 4 incidents).
Natural disasters killed more than 1,640 people in the first quarter of 2026, compared with 6,300 in the same period a year earlier. Most deaths are caused by flooding events.
Michal Lörinc, head of disaster insights at Aon, commented on the findings: “Flooding in Western and Southern Europe and severe storm events in the United States accounted for the majority of global natural disaster losses in the first quarter.
“In response, we are continually updating our capabilities to further address these and other hazards—for example, launching automated incident response services for severe convective storms in the United States—to help our customers navigate potential fluctuations and make better, more informed business decisions.”
