Climate Disasters to Cost a Record $145 Billion in 2025, Warns Swiss Re Study
Climate disasters are set to cost $145 billion in insured losses globally in 2025 a sharp 6% rise from last year making it one of the costliest years on record, according to a new report by reinsurance giant Swiss Re.
This projected figure surpasses the $137 billion loss in 2024 and is well above the historical average. The rise is driven by a growing number of extreme weather events which experts link to climate change, urban expansion, and increasing populations in high-risk zones.
A major driver of this year’s spike is the wildfires in Los Angeles which alone are expected to cause $40 billion in insured damages, the report said.
Total Damage Far Worse
While insured losses are skyrocketing, the total losses from natural disasters including damages not covered by insurance...