Global catastrophes in 2025 produced approximately US$224 billion in economic losses and about US$108 billion or US$107 billion in insured losses, according to figures from Munich Re and Swiss Re. This marked the sixth straight year with insured losses above US$100 billion, though the total sat roughly one quarter below the record losses of 2024.
More than 80 percent of insured loss originated in the United States. The Los Angeles wildfires were the defining events of the year, with the Palisades and Eaton Fires ranking as the second and third most damaging wildfires in California’s history. These fires destroyed over 18,000 structures, caused 30 fatalities, and burned more than 37,000 acres. Moody’s RMS Event Response estimated insured losses between US$20 billion and US$30 billion.
Severe convective storms again exerted substantial influence on US loss patterns. For the third consecutive year, annual losses exceeded US$45 billion. A March outbreak became the most expensive single convective storm event of the recent three year period, with US$8 billion to US$10 billion in damages across 26 states. Tornado activity was particularly active, including the first EF 5 tornado recorded in the United States in twelve years.
Beyond the United States, hurricane and flood activity shaped the year’s global footprint. The North Atlantic produced another above normal season, though the US mainland avoided a landfalling hurricane for the first time since 2015. Hurricane Melissa struck Jamaica as the strongest landfalling storm in the nation’s recorded history, with insured losses estimated at US$3 billion to US$5 billion. In South and Southeast Asia, persistent late year rainfall and consecutive typhoons triggered widespread flooding and landslides, underscoring exposure within regional supply chains.
Taken together, the year’s events highlighted the continued prominence of wildfire and convective storm losses in the United States and the ongoing vulnerability of coastal and flood prone regions elsewhere, shaping risk considerations for the year ahead.
Download the Executive Report for a deep dive into 2025’s most prominent catastrophes with insights generated from Moody’s Event Response team.
