Economic losses from natural catastrophes reached at least USD 83 billion in Q1 2025, with insured losses exceeding USD 53 billion and a global insurance gap of about 35%, the latest Aon Global Catastrophe Recap shows.

The total global economic losses in Q1 2025 substantially exceeded the 21st century Q1 average of USD 61 billion. At the same time, the insurance protection gap is one of the lowest on record, indicating a relatively high level of insurance coverage for the losses incurred. Tragically, there were at least 5,300 fatalities from Myanmar earthquake, highlighting the significant humanitarian impact of natural disasters.

Global insured losses from natural disaster events in Q1 2025 were preliminarily estimated to reach at least USD 53 billion, the highest Q1 insured losses since Q1 2011 (USD 81 billion), and marking the second highest figure on record. The US events account for 95% of the total amount, primarily driven by the California wildfires and multiple severe convective storm (SCS) outbreaks. At least six events, all of which occurred in the United States, surpassed USD 1 billion in insured losses. With an additional disaster activity expected in the rest of the year, 2025 may become another costly year for insurers.

Aon’s Q1 Global Catastrophe Recap explores the global natural disaster and climate events and trends to help you navigate volatility, enhance resilience and make better decisions.

Read the full Aon Q1 Global Catastrophe Recap to find out more details.