Global insured losses from natural catastrophes reached $80 billion in the first half of 2025, nearly double the ten-year average and the second-highest first-half total ever recorded, according to the Swiss Re Institute.

The record-breaking figure was driven largely by California wildfires, which accounted for $40 billion alone.

“The California wildfires in the first quarter of this year mark the highest insured loss ever from a wildfire event globally,” Swiss Re stated. The fires, which swept across residential and commercial areas in January, caused widespread damage and strain across the global insurance and reinsurance markets, according to the Institute.

Total economic losses, including uninsured damages, reached $143 billion, with $135 billion from natural disasters and $8 billion from man-made events. Severe convective storms, such as hailstorms and tornadoes, contributed an additional $31 billion in insured losses in the US.

The report warned of more to come, with the North Atlantic hurricane season expected to be above average, forecasting three to five major hurricanes. This could push total insured losses for the year past $150 billion, a level already exceeded in 2023 and 2021.

“Insurance is playing an increasingly important role in absorbing the growing costs of natural disasters,” said Swiss Re’s press release.