Global insured losses from natural catastrophes have passed $US100 billion ($150.81 billion) for the sixth consecutive year, with US events a key driver, according to Swiss Re.

This year’s $US107 billion ($161.36 billion) loss is down 24% on 2024’s total of $US141 billion ($212.64 billion) and is 3% below the decade average of $US111 billion ($167.40 billion).  

About 83% of the total – or $US89 billion ($134.22 billion) – was down to catastrophes in the US, primarily thunderstorms and wildfires in the first half, including the January fires in Los Angeles.

This year has set a record for wildfire insured losses, at more than $US40 billion ($60.32 billion). For the third consecutive year, global losses from severe convective storms topped $US50 billion ($75.40 billion). 

Swiss Re catastrophe perils head Balz Grollimund says storm impacts should push insurers to adopt a “more holistic view of this peril”.

“Urbanisation in hazard-prone areas, rising asset values, higher construction costs and factors such as ageing roofs have made these storms a key peril for insurers,” he said. “As single events rarely result in a large insured loss, it is key for insurers to consider the cumulative effect of frequent, low-loss events, along with increasing property values and repair costs.”  

Hurricane Melissa, which hit Jamaica in late October, is estimated to have caused about $US2.5 billion ($3.77 billion) of losses.  

The reinsurer says overall losses from the Atlantic hurricane season were relatively low, because no major storms made landfall in the US for the first time in 10 years.

This year’s global economic loss from natural catastrophes totalled $US220 billion ($331.77 billion), down from $US327 billion ($493.14 billion) last year and 17% below the decade average.

From the latest Insurance News magazine: We examine some of the biggest issues of 2025, and the people shaping the industry's response