Severe convective storms in the U.S. over the first two weeks of June will cost the insurance industry billions, according to an update from Gallagher Re.
Severe convective storms hit multiple parts of the country from June 1 to June 17, bringing dozens of tornadoes, large hail, damaging winds and flash flooding. They impacted several major metro areas, including Chicago, Denver, Dallas, Milwaukee, Washington, D.C., and New York City.
Gallagher Re estimates that the 17-day period of storms will cost the insurance industry around the mid-single-digit billions. Overall economic losses will likely be 20% to 25% higher when uninsured and underinsured losses are accounted for.
"This two-week-plus stretch will be among the most expensive periods for the industry, regardless of natural peril, thus far in 2026," the update said.
As of June 18, U.S. SCS losses for 2026 are roughly $22 billion so far. That marks the 11th consecutive year that U.S. SCS losses are over $20 billion.
However, this year's first-half losses are below the five-year average of $38 billion and the 10-year average of $30 billion, according to Gallagher Re.
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