Global natural catastrophe insured losses of $US46 billion ($65 billion) in the first half of the year were 28% below the 10-year average, a Gallagher Re report shows.

But unprecedented temperatures in Europe’s summer signal the growing impacts of extreme heat in a region that is warming at more than twice the global average rate, the broker warns.

The half-year loss figure compares with a $US64 billion ($91 billion) 10-year average, and it was the lowest first-half total since 2018.

The report estimates economic losses were $US142 billion ($202 billion), 10% below the 10-year average.

Eleven events generated insured losses of more than $US1 billion ($1.4 billion), compared with the 10-year average of 16.

The report notes weather, climate and other natural catastrophe indicators underscore the continuing evolution of global risk.

Gallagher Re chief science officer Steve Bowen says the headline loss figures risk taking attention from shifts in longer-term climate patterns.

“The emergence of what could be one of the stronger El Nino phases ... in the modern record may not bring record-breaking losses, but the societal implications are considerable,” he said.

“The compounding nature of a strong El Nino in conjunction with ongoing atmospheric and oceanic warming will only further influence how risk develops across different regions.”

While the record heatwaves in Europe did not lead to widespread physical damage, they could cause humanitarian risk.

“The insurance industry’s property sector continues to pay closer attention to how heat-related claims can drive physical damage through degradation of structural foundations, but also additional stresses linked to commercial business interruption,” Mr Bowen said.

“For insurers, reinsurers, businesses and governments alike, resilience depends on understanding not only how much risk exists, but where risk profiles may be evolving.”