Extreme Weather Drives Global Disaster Losses in Q1 2026

Aon report shows lower economic losses but higher insured losses compared to 2025

Apr. 17, 2026 at 9:06am

Got story updates? Submit your updates here. ›

A vast, atmospheric landscape painting in muted tones of grey, blue, and white, depicting a massive winter storm sweeping across a frozen expanse, with any physical structures or objects barely visible in the distance, conveying the overwhelming scale and force of the natural disaster.A sublime, awe-inspiring landscape painting captures the raw power of a winter storm, underscoring the growing financial toll of extreme weather events.Daytona Beach Today

Aon's Q1 2026 Global Catastrophe Recap report reveals that natural disasters caused at least $37 billion in economic losses globally, down 43% from the 21st century Q1 average, but insured losses exceeded $20 billion, 6% higher than the average. Flooding and severe convective storms were the most damaging perils, with a major storm in the U.S. in March causing $5 billion in economic losses and $4 billion in insured losses. Winter Storm Fern also impacted the central and eastern U.S. in January, resulting in over 130 fatalities and $4.6 billion in economic losses.

Why it matters

The report highlights the ongoing challenge of managing the financial impact of extreme weather events, with a global insurance protection gap of 46% indicating many losses are uninsured. It also underscores the need for continued investment in resilience and adaptation measures to mitigate the effects of climate change-driven natural disasters.

The details

The Q1 2026 losses were the lowest since 2015, but still above the long-term average, with 12 events causing over $1 billion in economic losses and 5 events causing over $1 billion in insured losses. Flooding in Western and Southern Europe, as well as severe storms in the U.S., were the primary drivers of the losses. Notable events included Windstorm Kristin in Portugal, which caused a record $1 billion in insured losses, and a severe convective storm in Illinois that produced hail up to 6.6 inches in diameter.

  • On March 10-12, a severe convective storm in the U.S. resulted in a $5 billion economic loss and $4 billion in insured loss.
  • In January, Winter Storm Fern impacted the central and eastern U.S., causing over 130 fatalities and $4.6 billion in economic losses and $3.5 billion in insured losses.
  • On February 1, Daytona Beach, Florida recorded its lowest ever temperature of 19°F (-7.2°C).

The players

Aon plc

A leading global professional services firm that published the Q1 2026 Global Catastrophe Recap report analyzing natural disaster events worldwide.

Michal Lorinc

Head of catastrophe insight for Aon, who commented on the report's findings.

Got photos? Submit your photos here. ›

What they’re saying

“Flooding in Western and Southern Europe, and severe storm events in the U.S., accounted for the majority of the first quarter global natural hazard losses. In response, we continue to update our capabilities to further address these and other perils - for instance, with the launch of our Automated Event Response service for U.S. severe convective storms - helping our clients respond to potential volatility and make better, more informed business decisions.”

— Michal Lorinc, Head of catastrophe insight

What’s next

Aon plans to continue enhancing its capabilities to help clients better manage the risks posed by extreme weather events, including the launch of an Automated Event Response service for U.S. severe convective storms.

The takeaway

The Q1 2026 natural disaster losses highlight the ongoing need for improved resilience and adaptation measures to mitigate the growing financial impacts of climate change-driven extreme weather events, particularly in regions with high insurance protection gaps.