Asia-Pacific’s economic losses from natural disasters were “relatively subdued” in the first quarter of 2026, even as Australia’s bushfires triggered around A$1.4bn (US$1bn) in damage, according to Aon.

The figure appeared in Aon’s latest Global Catastrophe Recap, which showed APAC contributed only a small share to global first-quarter catastrophe losses, reaching US$37bn—43% below the 21st-century average and the lowest such figure since 2015.

“Asia-Pacific losses were well below average in Q1 2026, with limited major events,” the broker’s report stated. Elsewhere, the United States dominated the period’s insured losses, accounting for approximately US$16bn—some 79% of the global total—driven primarily by severe convective storms and winter weather, while European catastrophe losses neared US$10bn due to windstorms and flooding, particularly in the Iberian Peninsula.

Despite the intense but brief Australian bushfire season, insured losses from the disaster remained relatively constrained at US$300m. “The 2025/26 bushfire season in the country, including the Victorian events, was effectively squeezed into a short January window, amplifying localised damage,” Aon noted. The report highlighted the destruction of hundreds of buildings in Victoria, including approximately 700 structures due to the Longwood fire alone. In January, the Insurance Council of Australia declared an insurance catastrophe following more than 2,000 claims lodged.

Aon reported that no other major, billion-dollar disasters occurred in APAC during the quarter. “Elsewhere in region, disaster impacts were relatively limited, with no major billion-dollar events recorded across much of the region,” the broker said.

Globally, insured losses for the period were in line with historical norms at US$20bn, with the protection gap at 46%, reflecting stronger insurance uptake in developed markets. Flooding was the deadliest peril worldwide, causing 1,640 fatalities, though this was significantly below long-term averages. According to Aon, lower losses in APAC and emerging regions partly reflect the region’s protection gap, where coverage remains limited despite significant risk.