The reinsurer, in its new report, Lower losses, growing risks: the natural disaster review for the first half of 2026, explained that losses were slightly below the inflation-adjusted average figures for the first half of the year over the past ten years (overall losses: USD113 billion; insured losses: USD 50 billion), but significantly below the 5-year average figures (overall losses: USD 136 billion; insured losses: USD 66 billion). For insurers, severe thunderstorms in the US were the biggest driver of losses in H1’26, with total losses of around USD 30 billion and insured losses of USD 22 billion. However, the damage caused by the thunderstorms in the US was below the average figures for the past ten years (total losses: USD 34 billin; insured losses: USD 26 billion). Region-wise, in H1’26, in North America, natural disasters caused total losses of around USD 47 billion by June, USD 34 billion of which were insured. Overall, the nine winter storms accounted for around 80% of total losses and 70% of insured losses in Europe from all natural disasters in H1’26, amounting to losses of around USD 22 billion and insured losses of just over USD 7 billion.