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Convective storm losses estimated at $35B: Gallagher Re - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Convective storm losses estimated at $35B: Gallagher Re by Claire Wilkinson Agents and Brokers , Catastrophes , P/C Insurers , Property , Reinsurance Arthur J. Gallagher & Co. Aug 14, 2026 U.S. severe convective storm insured losses are estimated to have topped $35 billion year-to-date after another multibillion-dollar outbreak struck the Midwest and other parts of the country earlier this week, Gallagher Re said in a report Friday. The total includes public and private insured losses and preliminary estimates from storms that swept across the central and eastern U.S. Aug. 9-12. Six severe convective storm outbreaks have generated multibillion-dollar insured losses this year, compared with seven during all of 2025, Gallagher Re said. The recent Midwest storms could rank among the 10 costliest U.S. severe convective storm events since 1995. The current 10th-costliest event – a 2014 central U.S. hail and windstorm – caused $5.1 billion in insured losses, according to Guy Carpenter. Given the severity of winds in the Chicago, Indianapolis and Columbus, Ohio, metropolitan areas, insured losses from the recent storms are likely to be in the billions of dollars, Guy Carpenter said. Preliminary insured losses are expected to reach the low-single-digit billions of dollars following widespread wind, hail, tornado and derecho-related damage, Gallagher Re said. Separately, Aon said most losses would result from straight-line wind damage across the Midwest, with total economic and insured losses likely reaching into the single-digit billions of dollars. An Aug. 11 derecho produced wind gusts of over 90 mph across northern Illinois and Indiana before moving into Ohio and Kentucky. More than 1 million customers lost power during the storms, Gallagher Re said. Damage to commercial and residential properties included torn-off roofs, structural damage and broken windows in Chicago’s southern and western suburbs. The Credit Union 1 Amphitheatre in Tinley Park, Illinois, was also damaged, while control towers at Chicago Midway International Airport were temporarily evacuated, Gallagher Re said. Commercial property, vehicles, utility infrastructure and agriculture and agribusiness were among the exposures affected by the outbreak, Gallagher Re said. 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