Gallagher Re puts nine-month insured catastrophe losses at $92bn, the lowest since 2019

Gallagher Re's Q3 2026 Natural Catastrophe and Climate Report, published on 21 October, estimates insured natural catastrophe losses from January to September at about $92bn, covered by private insurers and public insurance entities. Economic losses were at least $242bn. The reinsurance broker says these are the lowest totals for the first three quarters since 2019 for insured losses and since 2015 for economic losses.

The number of events was close to normal. Gallagher Re counts 54 events with at least $1bn of economic loss and 24 with at least $1bn of insured loss, both near their decadal averages. What was missing was a peak-loss disaster: the third quarter was the sixth in a row in which no single natural catastrophe caused more than $10bn of insured loss. Artemis reported that the United States accounts for 62% of insured losses so far this year.

Severe convective storms caused nearly 60% of global insured losses, including more than $43bn in the United States and three billion-dollar events in Europe. The earthquakes in Venezuela and Colombia were the two costliest events in economic terms. Hurricane Isaias, which struck the Florida Panhandle on 9 October, is outside the nine-month figure; Artemis reported that Gallagher Re expects its insured loss in the low to mid-single-digit billions of dollars.

Gallagher Re says the loss experience has supported industry earnings, capital and reinsurance capacity before the January 2027 renewals. It warns that inflation, exposure growth and other non-hazard factors continue to push loss costs up, and it points to the emergence of a potentially very strong El Niño as a consideration for catastrophe exposure and portfolio management heading into 2027.