U.S. Wildfires and Storms Push Global Insured Catastrophe Losses to $100 Billion in First Half of 2025

Global insured losses from natural disasters reached $100 billion in the first half of 2025, according to Aon’s Global Catastrophe Recap: First Half 2025. That figure marks the second-highest H1 total on record, trailing only the $140 billion from H1 2011. It represents a sharp increase over the $71 billion reported in both 2023 and 2024, and more than doubles the 21st-century average of $41 billion.

U.S. events overwhelmingly shaped the global loss landscape, contributing over 90% of the insured total. Two devastating wildfires in California—Palisades and Eaton—combined for $40.5 billion in insured damages, while a series of severe convective storms, including record-setting outbreaks in March and May, added billions more. The March 14–16 and May 14–16 SCS events each caused $8 billion in insured losses, pushing the country’s SCS losses to $44 billion for the half-year.

Globally, economic losses totaled $162 billion, with the United States alone accounting for $126 billion—its costliest first half on record. The insurance protection gap narrowed dramatically to 38%, the lowest ever for a first-half period, largely due to the high insurance penetration in U.S. events. Meanwhile, the Myanmar earthquake caused an estimated $12 billion in economic damage, but less than $100 million was insured.

With the second half of the year still ahead—and the potential for further tropical activity—the industry remains alert for additional high-loss events that could make 2025 one of the costliest catastrophe years in history.