Global insured losses exceeded $20B in Q1 2026: Aon

Global insured catastrophe-related losses reached about $20 billion in the first quarter of 2026, according to Aon's "Global Catastrophe Recap." The U.S. contributed to 79% of all global insured losses, of which winter storms and severe convective storms (SCS) contributed the most activity. In other regions, insured losses were lower than their long-term averages for the first quarter of the year.

In the U.S., SCS and flooding drove the single costliest event from March 10-12, resulting in a $4 billion insured loss and $5 billion economic loss, according to Aon. In late January, Winter Storm Fern brought heavy snowfall, as well as freezing rain and severe thunderstorms, leading to insured losses of $3.5 billion and economic losses of $4.6 billion. Prolonged cold temperatures and freeze damage were the ultimate drivers of loss in the southern and southeastern states. 

Economic losses were significantly lower than in 2025, when losses reached $113 billion in the first quarter driven mostly by the Palisades and Eaton wildfires. Overall, economic losses this past quarter reached just $37 billion — the lowest in Q1 losses since 2015 and 43% lower than average, according to Aon. Insured losses, however, were 6% higher than the Q1 average, as most of the losses occurred in highly urbanized areas with insurance coverage. Twelve catastrophic events each caused over $1 billion in economic losses, three more than the average for this period, and five events each caused more than $1 billion of insured losses.

The report notes that the global insurance protection gap was relatively low at 46%, mostly due to the majority of loss drivers occurring in the United States and Europe in areas with adequate insurance coverage.