Half-year catastrophe losses top $160bn with record US insured events; More than 90% of insured cat losses have occured in the US
The global insurance protection gap narrowed to a record low in the first half of 2025 due to a surge in insured losses from US catastrophes, according to Aon’s latest Global Catastrophe Recap report.
Preliminary figures show at least $162bn in global economic losses, above the 21st-century average of $141bn.
Of this figure, at least $100bn was insured, the second-highest first half-yearly total on record, with more than 90% of insured losses occurring in the US.
The report, published by Aon’s Catastrophe Insight team, cited major drivers including wildfires in California, the Myanmar earthquake, and widespread US convective storms.
The Palisades and Eaton wildfires and 18 separate US events each topped $1bn in insured losses.
“The high levels of coverage for US events lowered the global insurance protection gap,” said Michal Lörinc, head of catastrophe insight at Aon.
“We need to continue our efforts to bring insurance protection and loss mitigation strategies to countries that are currently underserved.”
Insured losses in the Myanmar earthquake were under $100m, against $12bn in total damage. In contrast, the US saw its costliest ever first half, with $126bn in economic losses.
Andy Marcell, CEO of global solutions at Aon, added: “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.”
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