Aon reports $114b in insured losses from 2025 disasters

Total economic losses stood at a minimum of $203b in the first 9 months.

Global insured losses from natural disasters reached at least $114b in the first nine months of 2025, according to Aon’s Global Catastrophe Recap – Q3 2025 report. 

Total economic losses stood at a minimum of $203b.

Whilst the third quarter saw fewer major disasters, around 18,000 people died from events such as earthquakes and heatwaves — 66% below the 21st-century average. 

The August 31 earthquake in Afghanistan was the deadliest event.

Aon said 36 events each caused over $1b in economic losses, with 22 exceeding $1b in insured losses. 

The global protection gap narrowed to a record-low 44%, mainly due to high insurance coverage in the US, where insured losses made up 88% of total losses.

Severe convective storms were the costliest peril, causing $57b in insured losses — the third-highest on record. 

The Palisades Fire alone caused $23b in insured losses and contributed to total wildfire insured losses of more than $40b.

Global reinsurance capital hit a record $735b as of June 2025, with catastrophe bond volumes rising nearly 20% year-on-year to $54b. 

For the third quarter, insured losses were $12b — 72% below the long-term average and the lowest since 2006.