The surge endurance of natural ester oil-based nanofluids against surge events is investigated experimentally. The focus of this work is the examination, through dielectric spectroscopy measurements, of the alteration of the real and imaginary parts of the complex relative permittivity of iron oxide nanofluids as a result of an accelerated degradation test employing a sequence of repetitive current impulses produced via a 12 kV/6 kA combination wave generator. The target is the exploration of a possible implementation of nanofluids as multipurpose liquids that act, in addition to insulation and coolants, as surge absorption media. Promising experimental results are discussed and compared with those of mineral oil that is widely used as a conventional insulating liquid in power transformers.