According to a new report from Swiss Re Institute, whilst global insured losses in 2025, at US $107 billion, fell below the long-term natural catastrophe trend, secondary perils, including severe convective storms (SCS), wildfires, and floods, accounted for a record 92% of the total.
The Los Angeles wildfires from the start of 2025, which contributed a staggering $40 billion of the year total, represented the largest wildfire loss event on Swiss Re’s sigma records.
At the same time, severe convective storms also contributed significantly in 2025, ranking as the third-costliest year on record for SCS, after 2023 and 2024, and adding $51 billion to overall global insured losses.
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