Global Cat Losses in 2025
According to Gallagher Re's Q3 2025 Natural Catastrophe and Climate Report, global cat losses remain manageable in 2025.
Despite this, the industry should expect annual volatility in losses to persist. The report notes that global nat cat activity was "relatively mild" in Q3 2025.
- Abnormally low frequency of high-cost events.
- Yearly catastrophe budgets for governments and the insurance industry are within manageable limits.
The quieter-than-expected tropical cyclone activity in the Atlantic and Pacific Oceans resulted in Q3 insured loss totals estimating around USD $15 billion, the lowest total seen since 2016.
Author's summary: Global cat losses are manageable in 2025 despite expected volatility.