insured catastrophe losses

Catastrophe data aggregator PERILS has provided its first initial insurance industry loss estimate for the severe convective storms (SCS) that struck Australia’s East Coast in late October, at AU $1.108 billion (USD $736 million).

According to insurance and reinsurance broker Aon, global insured losses from natural catastrophes reached $114 billion after one of the lightest (in loss terms) third-quarters in decades, thanks in part to the quiet hurricane season.

In its Q3 2025 Natural Catastrophe and Climate Report, reinsurance broker Gallagher Re has suggested that despite the manageable nature of catastrophe activity seen this year so far, the industry should continue to expect annual volatility in losses in the future.

CatIQ, Canada’s insured loss and exposure index provider, has raised its insurance industry loss estimate from the ice storm that struck Ontario and Quebec between March 28 and 31 to CAD $490 million, an 18% increase from its third loss estimate of CAD $416 million that was issued in July.

Global insured catastrophe losses have now surpassed the $100 billion level in 2025, according to Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re. But the milestone is no longer the talking point it once was, as the $100 billion figure gets eclipsed year after year.

According to Verisk, the global data analytics and technology provider the insurance industry should expect average annual losses (AAL) from global natural catastrophes of $152 billion, with the potential for the total to far exceed that amount in any given year.

CatIQ, the Toronto-based independent catastrophe insurance data provider and a subsidiary of PERILS, has estimated the one-year industry loss caused by the flooding related to the remnants of Hurricane Debby that affected Ontario and Quebec between August 9th and 10th, 2024, to be CAD $2.806 billion.

Insurance industry losses from the severe hailstorm that struck the Calgary area of Canada on August 5, 2024, are estimated to have reached CAD $3.29 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.

The Swiss Re Institute has estimated that global insured losses from natural catastrophe events reached US $80 billion in the first half of 2025, which is almost double the 10-year average and more than half of the firm’s projected full year figure of $150 billion.

Insurance industry losses from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada between July 22 and August 17, 2024 are estimated to have reached CAD $1.31 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.