Economic losses from natural catastrophes worldwide reached an estimated $100 billion in the first half of 2026, marking a sharp decline from the $152 billion recorded during the same period in 2025, reinsurance group Swiss Re said Tuesday.
The figures are 10% below the 10-year average for the period, despite severe storms in the United States and deadly earthquakes in Venezuela in June. However, Swiss Re noted that losses often increase in the second half of the year due to North Atlantic hurricanes.
"A less costly first half of the year does not mean the risk has gone away," said Balz Grollimund, the group's director of Catastrophe Perils. "One major hurricane, earthquake or wildfire can quickly change the picture."
Severe European heatwaves since June have triggered early wildfires in France and Spain, though the company noted that wildfire risk has historically accounted for a small share of insured losses in Europe despite growing by 8-11% annually since 1970.
Swiss Re warned that the El Nino climate pattern, which began in June and is expected to peak later this year, could intensify weather-related disaster costs, while long-term drivers such as growing hazard-area exposure and rising reconstruction costs remain unchanged.