Global insured losses from natural disasters totalled an estimated $US91 billion ($129 billion) in the first nine months of the year, according to Aon.

The broker’s third-quarter Global Catastrophe Recap puts the total above the 21st-century average of $US88 billion ($125 billion) but says it was the lowest for the period since 2019 and well below the $US135 billion ($191 billion) five-year average.

Global economic losses were about $US204 billion ($289 billion) – 31% below the 21st-century average and the lowest total for the period since 2015.

The global protection gap – the share of economic losses not covered by insurance – stood at about 55%.

Severe convective storms were the costliest peril by economic and insured loss, and 62% of insured losses were recorded in the US.

The European summer’s drought was the costliest insured loss event, passing $US8.5 billion ($12 billion), and the Venezuela earthquake in June led to the biggest economic loss at $US25 billion ($35.5 billion).

Despite the moderate overall economic loss, 42 events passed the $US1 billion ($1.4 billion) mark – above the long-term average of 37; 23 events produced insured losses of at least $US1 billion, compared with a historical average of 14.

“Moderate global totals can mask significant regional impacts and emerging concentrations of risk.” Aon head of catastrophe insight for reinsurance Michal Lorinc said.

“The first nine months of 2026 demonstrated the need to look beyond aggregate figures and understand how changing hazard patterns, exposure and insurance penetration affect communities, governments and businesses.”