Global Cat Losses in 2025
According to Gallagher Re's Q3 2025 Natural Catastrophe and Climate Report, global cat losses are expected to remain manageable in 2025.
Despite this, the industry should anticipate annual volatility in losses. The report notes that global nat cat activity was "relatively mild" in Q3 2025, with low-frequency high-cost events resulting in a year within annual catastrophe budgets.
- Quieter-than-expected tropical cyclone activity in the Atlantic and Pacific Oceans.
- Q3 insured loss totals estimated at around USD $15 billion, the lowest total since 2016.
Global nat cat activity remained "relatively mild" during the third quarter of 2025.
Author's summary: Gallagher Re expects manageable cat losses in 2025 despite potential volatility.