Natural disasters: 112 billion in losses over six months

In the first six months of 2026, natural disasters caused worldwide losses estimated at almost 112 billion dollars. Only 44 billion was covered by insurance. The difference corresponds to a protection gap of 60%, according to Munich Re's regular survey.

That uninsured share falls back on households, businesses and public budgets. It is the part of the damage that finds no compensation and that weighs longest on those with the least room to rebuild.

The half-year was marked by record heatwaves in North America and Europe. Studies point to a clear link between these episodes and climate change. Research carried out in Europe estimates that the most recent heatwave would have been around 3.5 degrees cooler had it occurred fifty years ago. The continent is warming faster than the rest of the planet, at more than double the global average rate.

Damage that is hard to count

The human consequences are already measurable. In Germany alone, the Robert Koch Institute estimates that extreme heat caused more than 5,000 deaths between April and June.

Quantifying the economic impact of heatwaves is harder. Such events do not usually cause direct damage to buildings. Losses come mainly from reduced productivity and interruptions to production, as well as from damage to infrastructure, disruption to transport and poor harvests.

An OECD study based on company data from 23 advanced economies measured the effect on work. On very hot days productivity falls significantly. With ten additional days above 35 degrees, annual labour productivity drops by an average of 0.3%. The effect is comparable to that of a 5% rise in energy prices.

The burden of those days is not evenly spread. It falls above all on people working outdoors or in premises without air conditioning, where the choice between income and health becomes concrete.

Heat was not the only factor of the half-year. In Europe winter storms caused extensive damage, with natural events totalling around 22 billion dollars and insured losses slightly above 7 billion, above the average of the past ten years.