Rise of nat cat expense creates more risk to insurers

Global insured losses from natural catastrophes have reached record levels in the first half of 2025.

According to Swiss Re Institute’s preliminary estimates, losses were $80 billion in H1 2025.

This is almost double the 10-year average and more than half of the $150 billion – in 2025 prices – projected for the full year, following the long-term annual growth trend of 5–7%, said the company.

“With natural catastrophe activity typically higher in the second half of the year, total insured losses for 2025 could therefore exceed the projection,” it warned.

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