losses

Insured losses from natural catastrophe events across the globe in the first half of 2026 are estimated to have reached USD $46 billion, down on last year’s $84 billion and 28% below the 10-year average of $64 billion, according to reinsurance broker Gallagher Re’s H1 2026 Natural Catastrophe and Climate Report.

Re/insurance broking giant Aon has announced the launch of a new parametric insurance solution that is designed to address and mitigate losses from hurricane-related storm surge along the coast of the United States, developed in partnership with Floodbase, a specialist in parametric flood risk, and global commercial insurer, Swiss Re Corporate Solutions.

According to Jean-Paul Conoscente, SCOR Global P&C CEO, if insurance and reinsurance market losses from the Los Angeles wildfires reach or surpass $40 billion, the retro market could potentially face significant disruption throughout 2025.

With wildfires becoming a more recurring peril for the California property insurance market, alternative capital may be available to provide coverage, including through multiple-peril alternative reinsurance capital instruments, however “pricing is likely to remain a sticking point” according to analysts at Morningstar DBRS.

Insured catastrophe losses in Canada reached CAN $8.5 billion for full-year 2024, making it the largest loss year for the country on record, exceeding the previous record of CAN $6.2 billion recorded in 2016, according to CatIQ, Canada’s insured loss and exposure indices provider.

Insurance claims from the severe flooding that struck the New South Wales region of Australia this month have risen again over the weekend, with another 25% added to take the total to 10,526, but the estimate for insurance and reinsurance market losses remains low at $122 million.

Insurance claims filed from the severe flooding this July in the New South Wales region of Australia have risen overnight by another 23% to 8,415, but so far the estimate for insurance and reinsurance market losses remains low.

Insurance claims filed from the recent July severe flooding in the New South Wales region of Australia have climbed more than 57% to 6,853 overnight, while the impacts of flooding are now being most felt further north of Sydney.

Already some 4,360 insurance claims have been filed in relation to the latest outbreak of severe flooding in Australia, according to the Insurance Council.

The Insurance Council of Australia (ICA) has now declared a ‘significant event’ for the developing severe flooding in Sydney and the surrounding region of the country, as now more than 50,000 people are under evacuation orders.