Global Cat Losses in 2025
According to Gallagher Re's Q3 2025 Natural Catastrophe and Climate Report, global cat losses remain manageable in 2025, but volatility is expected to persist.
The report highlights that global nat cat activity was "relatively mild" in Q3 2025, with low-frequency high-cost events resulting in a year within annual catastrophe budgets for governments and the insurance industry.
- Q3 insured loss totals are estimated at around $15 billion, the lowest total since 2016.
- Tropical cyclone activity in the Atlantic and Pacific Oceans was quieter than expected.
The industry should continue to expect annual volatility in losses in the future.
Author's summary: Global cat losses are manageable in 2025, but volatility is expected to continue.