1、Natural Catastrophe and Climate ReportPreliminary OverviewH1 2025Executive Summary 3Global Overview 5Conversation Starter:Q2 2025 14Weather/Climate Review 25Major Event Review:Q2 2025 29Appendix 37Report Authors 45Executive SummaryWhile catastrophe losses in H1 2025 were elevated,there remains littl

2、e indication that this is having an impact on the(re)insurance market.Gallagher Re estimates that property pricing at the recent June 1/July 1 reinsurance renewal cycles,including the key Florida market ahead of the Atlantic hurricane season had reduced by an average of 10-15%with some granular pock

3、ets of pricing diversity.This pricing cycle comes as US insured losses to-date have already eroded a notable portion of reinsurers 2025 natural catastrophe budgets,though the reinsurance market entered 2025 with an estimated USD769 billion in capital.The peak of tropical cyclone season is arriving i

4、n the Atlantic and Pacific oceans,with NOAA indicating that ENSO-neutral conditions are likely to remain through the end of 2025.Colorado State University,a Gallagher Research Centre partner,is forecasting a near to slightly above average Atlantic season.This comes as NOAA also projects that 2025 ha

5、s a 99%chance of ending as one of the Top 5 warmest years on record.This report also looks back on the 20-year anniversary of the historic 2005 Atlantic hurricane season,including the catastrophic impacts from Hurricane Katrina.That record-breaking season proved transformative in how many sectors pr

6、epare,respond,and react to natural hazard risk.Global economic losses:USD151 billion;lowest H1 total since 2021(USD139 billion);above the 2015-2024 H1 average(USD144 billion)Global insured losses:USD84 billion;well above the decadal average(USD54 billion);highest H1 total since 2011(USD136 billion)J