Welcome to the Willis Research Network Natural Catastrophe Review with contributions from Willis Re. A biannual publication that provides insight into recent events and shares expert views on the risks posed by major perils. In this edition, we take a closer look at the major catastrophes that shaped the global conversation around risk in 2025, with emphasis on the second half of the year.
Beyond the immediate headlines, our team of experts digs into the structural pressures, overlooked warning signs, and systemic vulnerabilities that allowed these crises to take hold. We also share our perspective on the evolving landscape for catastrophic perils, offer advice to insurers seeking to update their view of these risks, and address the burgeoning affordability crisis in many markets.
Natural catastrophes caused more than $100 billion in insured losses in 2025, the sixth consecutive year above that threshold. But because losses were nearly $40 billion higher the year before, compared to recent experience, we might describe 2025 as a “moderate” loss year. However, losses above $100 billion, without even a single hurricane making landfall in the United States, highlights the continued severity and persistence of natural catastrophe risk.
The latest edition delves into the underlying trends, structural pressures, warning signs and systemic vulnerabilities behind climate risk.
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