And if history is any guide, the remaining months of 2025 will see even bigger losses as the US hurricane season unfolds, according to Tobias Grimm, Munich Re’s chief climate scientist.
Catastrophes spanning wildfires in Los Angeles to severe storms across other parts of the US are set to drive this year’s overall insured losses well above the historical average for the industry, according to Munich Re.
Natural disasters across the globe have already led to US$80 billion ($103.10 billion) of insured losses in the first half of the year, with fires in and around the LA area in the first weeks of 2025 accounting for half the total, the reinsurer said in a report on Tuesday.
