Natural disaster losses fell to $100bn, Swiss Re says

Swiss Re said economic losses from natural catastrophes worldwide were estimated at $100 billion in the first half of 2026, down from $152 billion in the same period last year.

The reinsurance group said Tuesday that the total was also 10 percent below the 10-year average for the period, despite severe storms in the United States and deadly earthquakes in Venezuela in June.

Swiss Re warned that a lower-cost first half did not mean risks had faded. Balz Grollimund, the group's director of Catastrophe Perils, said one major hurricane, earthquake or wildfire could quickly change the picture.

The company said natural disaster losses often increase in the second half of the year, mainly because of hurricanes in the North Atlantic.

Swiss Re said severe heat across Europe since June had helped start an early wildfire season in France and Spain that had already destroyed thousands of homes and businesses as well as infrastructure. It said wildfire risk still accounted for a relatively small share of insured losses in Europe, but was the fastest-growing weather peril globally.

The group said insured wildfire losses in Europe had risen by 8-11 percent a year since 1970 after adjusting for inflation and other factors.

Swiss Re also warned that the El Nino climate pattern, which began in June and is expected to peak later this year, could influence tropical cyclone activity in the Central and East Pacific and alter flood, wildfire and other weather risks elsewhere.