Swiss Re, a reinsurance group headquartered in Zurich, Switzerland, noted that the losses were also 10 percent below the 10-year average for the period. Despite severe storms in the United States and the deadly earthquakes that struck Venezuela in June, the losses were well below the 152 billion USD recorded in the first half of 2025, the group said in its latest report.
Of the estimated first-half 100 billion USD losses from natural catastrophes, an estimated 42 billion USD were covered by insurance. The Venezuelan earthquakes caused the most economic damage, estimated at around 20 billion USD, but low insurance levels means the share of insured losses is likely to be low, Swiss Re said. It also noted that losses from natural disasters often increase in the second half of the year, mainly due to hurricanes in the North Atlantic Ocean.
Balz Grollimund, the group's director of catastrophe, said one major hurricane, earthquake or wildfire can quickly change the picture. The reinsurance giant said stronger prevention, land management, building resilience and emergency response will be key to preventing larger wildfire losses.
