Insured losses from natural catastrophes are set to exceed £78bn globally for the seventh year running, according to the latest Natural Catastrophe Review from Willis.

The biannual report outlines the key causes and consequences of major events in 2025 to date, with early losses signalling that another high-cost year is already unfolding. The Review also provides forward-looking analysis, identifying seasonal risks likely to materialise in the coming months, including hurricanes, drought and flooding.

Among this year’s standout events are the Los Angeles wildfires – expected to cost insurers over £31bn and described as the worst wildfire loss event globally – as well as the most severe wildfires in Japan and South Korea in a generation. The report also notes the most active US tornado season in more than a decade, the first cyclone to make landfall near Brisbane in 50 years, and the highest wind speed ever recorded in Ireland.

---