Natural disasters have caused more than $131 billion in global losses so far in 2025, a new report from insurance company Munich Re shows. The number is slightly lower than this time last year. Mark Friedlander, from the Insurance Information Institute, joins to break down the numbers.

Global losses from natural disasters have exceeded $131 billion in the first half of 2025, according to a report by insurance company Munich Re. While this figure is slightly lower than the same period last year, it remains well above long-term averages. The Los Angeles wildfires alone accounted for approximately $40 billion in insured losses, making it the largest insured wildfire loss event in U.S. history and notable for occurring outside the typical wildfire season.

The report also highlights challenges in the insurance market, particularly in California, where regulatory issues have previously limited insurers' ability to operate profitably. New strategies are being implemented to address these concerns. Flooding remains a major risk across the United States, with a significant gap in flood insurance coverage among homeowners. Experts advise reviewing insurance policies and considering additional coverage, especially for those in high-risk areas.

2025 natural disasters drive $131B in global losses so far: report

The Los Angeles wildfires and severe spring thunderstorms are just a few of the natural disasters which have fueled more than $131 billion in global losses so far this year. According to a fresh new report from insurance company Munich Re, natural disaster losses for the first half of 2025 were slightly lower than the same period last year, but still well above long-term averages. For more on this, I'm joined by Mark Friedlander. He is senior director of media relations at the Insurance Information Institute. Mark, you're the right guy for us to talk to this morning on this topic. Good morning. What stood out to you most in this report? Because we mentioned there a slight decline, but it feels and seems like things are getting worse for people. We look at the insured losses, which was about 80 billion globally, and half of that amount was one event, the Los Angeles wildfires. It will be the largest insured wildfire loss event in U.S. history, and it's unique because it occurred in January. Typically, we look at wildfire season being summer, and it literally begins to heat up this time of year across the entire West Coast. But the fact we had a $40 billion loss event in January, that is the biggest standout item from the first half of the year. And the problem that we've seen in Los Angeles is that many insurers are now refusing to insure for certain types of disaster because of the, I guess, increased likelihood that there will be a payout. So why are we seeing losses increase year after year? Is this all about climate change? Let me explain about California. California has had a risk crisis for many years due to an antiquated regulatory environment. It's not that insurers don't wanna cover properties or pay out claims. It's because the regulatory environment was so restrictive that insurers could not profitably write business in the state. That is changing now. They're implementing what's called the sustainable insurance strategy. We hope that will be implemented during the second half of this year. And many insurers are already saying they're going to increase their market shares in California. So the issue was regulatory. It was not directly climate related. That's an important distinction. Let's speak about flooding then because we saw earlier this year, not even with hurricanes, but with rain systems that the Carolinas were hit hard. We saw this happen in the high lands of Texas. And we haven't even seen hurricane season get going yet. So can we expect costs to increase? And what should people do if they feel like they may live in a place where there is a flood risk? What is the biggest risk we faced across the country? Yet few people buy flood insurance. It is the largest insurance gap we have seen. Only about 6% of US homeowners have a flood policy, but it floods everywhere. If it rains at your home, it could flood at your home. And we've had catastrophic floods across the country over the past several years in areas you would not consider to be high risk. It's not just a hurricane season coastal issue. We see inland floodings constantly, and you really need to have flood insurance to be fully financially protected from this type of peril. And I just wanna use our last few seconds to you to give more advice to people watching and worrying about what they should do. The best advice is call your insurance agent and do a quick review of your coverage. Make sure you are adequately protected, especially those in hurricane and wildfire prone areas because we are getting into those seasons and add flood insurance if you don't have it. Great advice, Mark. And never too early to make that call, but you can certainly be too late. We appreciate you joining us from Florida. Thank you.

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Breakdown