Record Insurance Losses Hit $84 Billion Amid Wildfires, Storms | JQJO

Record-high global insurance losses reached an estimated $84 billion in the first half of 2025, the costliest since 2011, driven primarily by US wildfires and severe storms. US wildfires in January alone accounted for roughly $40 billion, while severe storms caused at least $33 billion in damage. The January California wildfires were among the most destructive in the state's history, prompting State Farm to request a significant rate hike. Gallagher Re predicts losses will exceed $100 billion for the entire year, describing this as a "new market reality."