Global economic losses reached approximately $204 billion during the same period – 31%below the 21st-century average and the lowest first-nine-month total since 2015. Despite the moderate aggregate figure, 42 events generated economic losses of at least $1 billion each, above the long-term average of 37, while 23 events produced insured losses of at least $1 billion each, compared with a historical average of 14.
The global protection gap – the share of economic losses not covered by insurance – stood at approximately 55% for the period. Severe convective storms were the costliest peril for both economic and insured losses, while 62% of global insured losses were recorded in the U.S. European drought was the costliest insured loss event of the year to date, at more than $8.5 billion, while the Venezuela earthquake was the costliest economic loss event, at an estimated $25 billion.
“Moderate global totals can mask significant regional impacts and emerging concentrations of risk,” said Michal Lörinc, Head of Catastrophe Insight, Reinsurance, Aon. “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.”
Major themes of the report included:
El Niño Flips the Hurricane Activity Script for the Atlantic and Pacific: The Atlantic hurricane season passed through September without producing a hurricane – only the fourth occurrence since 1950. In contrast, the eastern and central Pacific produced eight major hurricanes, including three Category 5 storms, matching the basin record. The contrast reflected the influence of a very strong El Niño, which increased wind shear over the Atlantic while supporting warmer waters and rapid intensification in the Pacific.
Costly Canadian Summer: Floods, Storms and Fires Drive Losses: Canadian insured losses exceeded $3.3 billion during the first nine months of 2026, making the period the fourth costliest on record since 2000. Unlike years dominated by a single major catastrophe, the total reflected a series of medium-sized events, principally during the summer.
Record Heat Exposes Europe’s Growing Vulnerability: Europe experienced persistent heat, severe dry conditions, low river flows and wildfire activity from May to September. Thirty-seven percent of the continent’s land area recorded an all-time daily, monthly or seasonal average temperature, while 52% experienced very strong heat stress. Nearly 40,000 heat-related deaths were reported. Drought and heat dried soils, constrained agriculture and water supplies, and increased subsidence risk. Combined economic losses exceeded $14 billion, with France accounting for approximately $7.5 billion in economic losses and $5 billion in insured losses – both record levels.
Colombia and Venezuela Earthquakes Highlight Protection Gap: Major earthquakes in Colombia and Venezuela highlighted the consequences of low insurance penetration in parts of Latin America. The August 10 Colombia earthquake caused an estimated $9.6 billion in economic losses, making it the costliest global event of the third quarter. Insured losses and reinsurance recoveries are expected to be substantial but manageable, supported by established reinsurance programmes, catastrophe reserves and insurer capitalisation. By contrast, the June 24 Venezuela earthquake generated an estimated $25 billion in economic losses, but insured losses are expected to represent only a small share because of limited insurance penetration and domestic market capacity.
“Together, the events demonstrate how major earthquakes can transfer a significant financial burden to households and governments where protection gaps remain wide,” said Lörinc. “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.”
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