Published by Aon's Catastrophe Insight team, the report reveals that 1H economic losses were driven by the Palisades and Eaton wildfires in California, the Myanmar earthquake and multiple severe convective storm (SCS) outbreaks across the U.S. According to preliminary estimates, 1H economic losses in the U.S. alone reached at least USD 126 billion, surpassing 1994 (USD 115 billion) as the costliest 1H on record and significantly above the 1H average since 2000 (USD 41 billion). In contrast, economic losses in all other regions remained below their long-term 1H averages.
Meanwhile, global insured losses for 1H 2025 were at least USD 100 billion (1H 2024: USD 71 billion) – above the 21st century 1H average of USD 41 billion, and the second-highest total on record after 1H 2011, where USD 140 billion of losses occurred. More than 90% of the global insured losses occurred in the U.S., primarily driven by wildfires and SCS.
The report highlights that at least 19 events, 18 of which occurred in the U.S., surpassed USD 1 billion in insured losses in 1H 2025. Outside the U.S., the European SCS outbreak in late June was the only event that exceeded this threshold. Cyclone Alfred in Australia resulted in the insured losses of approximately USD 900 million (AUD 1.4 billion), followed by Windstorm Éowyn in Ireland and the UK, which caused USD 690 million (EUR 620 million) in insured loss.
"Across Risk Capital and Human Capital, our teams continue to identify ways to not just transfer risk, but better analyse and mitigate risk in order to help countries and clients become more resilient. This approach is typified by our Impact Forecasting catastrophe modelling suite, which now spans 12 perils and 90 territories”, said Andy Marcell, CEO of Global Solutions at Aon.
The full report can be found here.
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