Global Insured Catastrophe Losses
Global insured catastrophe losses 2010-2025 ($B USD, current values). 2017 remains the costliest year on record (~$150B insured driven by Harvey, Irma, Maria, and CA wildfires). 2024 was the 4th-costliest at ~$140B (Helene, Milton, Noto EQ, US severe convective storms). Five of the last seven years have exceeded the 10-year average - a structural rise driven by exposure growth, urbanization, and climate volatility. Source: Swiss Re sigma natcat reports.
Cat Losses by Region
Annual insured catastrophe losses by region, 2015-2025 ($B USD). North America accounts for 60-75% of global insured cat losses every year. EU losses jumped in 2021 (Bernd floods, ~$13B insured) and 2024 (CEE floods + Spain DANA). Asia's 2018 spike was Typhoon Jebi / Hokkaido EQ. Sources: Swiss Re sigma + Aon Impact Forecasting regional decompositions.
Top 10 Cat Events — 2024-2025
| # | Event | Peril | Region | Date | Insured ($B) | Economic ($B) | Notes |
|---|---|---|---|---|---|---|---|
| 1 | Hurricane Milton | Hurricane | US (FL) | Oct 2024 | $30.0B | $50.0B | Cat 3 landfall Siesta Key; industry estimates $25-35B insured (Aon: $30B; Karen Clark: $36B; CoreLogic: $19-26B). |
| 2 | Palisades Wildfire | Wildfire | US (Los Angeles, CA) | Jan 2025 | $15.0B | $65.0B | Pacific Palisades community; ~6,800 structures destroyed. Industry estimates $12-18B insured. |
| 3 | Hurricane Helene | Hurricane / Flood | US (FL, GA, NC, TN) | Sep 2024 | $12.0B | $80.0B | Catastrophic inland flooding in WNC; large protection gap (most was uninsured flood). Insured loss $10-15B. |
| 4 | Eaton Wildfire | Wildfire | US (Altadena, CA) | Jan 2025 | $10.0B | $35.0B | ~9,400 structures destroyed in Altadena/Pasadena; SCE wires under investigation. |
| 5 | US Severe Convective Storms (Q2) | SCS / Hail / Tornado | US (Midwest, Plains) | Apr-Jun 2024 | $9.0B | $14.0B | Multiple hail outbreaks in TX/OK; April Texas hail event $5B insured alone. |
| 9 | US Q1 2025 SCS / Texas Hail | SCS / Hail | US (TX, OK, AR) | Mar-May 2025 | $7.5B | $11.0B | Multiple hail outbreaks; Dallas-Fort Worth area worst hit. |
| 6 | CEE Floods (Boris) | Flood | Central/Eastern Europe (PL, CZ, AT) | Sep 2024 | $5.0B | $22.0B | Storm Boris; second-largest EU flood since Bernd 2021. |
| 7 | Spain DANA / Valencia Floods | Flood | Spain (Valencia) | Oct 2024 | $4.5B | $12.0B | Consorcio de Compensacion de Seguros covered bulk; ~230 fatalities. |
| 8 | Noto Peninsula Earthquake | Earthquake | Japan (Ishikawa) | Jan 2024 | $4.0B | $18.0B | M7.6; modest insured share given limited EQ penetration outside fire policies. |
| 10 | Typhoon Yagi | Typhoon | Vietnam / Philippines / China | Sep 2024 | $2.0B | $14.0B | Strongest typhoon to hit Vietnam in decades; significant insured loss in Hainan/southern China. |
Top 10 catastrophe events 2024-2025 by insured loss. Click any header to sort. The combined LA fires (Palisades + Eaton) make Jan 2025 the costliest wildfire event in history at ~$25B insured. Hurricane Milton is the second-largest Atlantic hurricane insured loss after Katrina (inflation-adjusted). Sources: Aon Impact Forecasting, Swiss Re sigma preliminary, Munich Re NatCatSERVICE, Verisk PCS, Gallagher Re.
US Coverage Retreat — Carrier Exits
| Carrier | State | Action | Date | Policies | Notes |
|---|---|---|---|---|---|
| California FAIR Plan | California | Growth as last-resort | Through 2025 | 555K | Doubled from 268K policies in 2019 to 555K by Q4 2024. Exposure topped $573B. Post-LA fires assessment triggered. |
| Citizens Property (state insurer) | Florida | Growth as last-resort | Through 2024 | 1.38M | Peaked at 1.41M policies Q3 2023 (vs 420K in 2019). Took on the policies private carriers shed. Depopulation efforts brought count to ~870K by year-end 2024. |
| Allstate | California | New business pause | Nov 2022 | - | Paused new homeowners and commercial applications statewide; resumed with rate increases 2024. |
| Bankers Insurance | Florida | Insolvency / exit | May 2024 | 33K | Ordered into receivership; ~33K policies transferred to Florida Insurance Guaranty Association. |
| State Farm General | California | New business halt | May 2023 | - | Stopped accepting new HO, BO, and commercial apartment applications. Existing policies unaffected at that time. |
| State Farm General | California | Non-renewal | Mar 2024 | 72K | Non-renewed 72K policies (30K HO3, 42K commercial/apartment) on top of May 2023 new-business halt. Cited reinsurance costs and wildfire exposure. |
| Farmers Insurance | Florida | Full state exit | Jul 2023 | 100K | Withdrew Farmers-branded auto/home/umbrella from FL; ~100K policies non-renewed. Foremost/Bristol West stayed. |
| AAA / Auto Club | Florida | Partial non-renewal | Jul 2023 | 70K | Non-renewed ~70K higher-risk homeowners policies in coastal counties. |
| Geico | California | Branch office closure | Jul 2022 | - | Closed all 38 California sales offices; transitioned to phone/online-only. Continued writing auto but throttled new policies. |
| Hartford | California | Non-renewal | Feb 2024 | 14K | Filed plan to non-renew 14K AARP-branded HO policies in CA wildfire zones. |
| Progressive | Florida | Throttle / pullback | Aug 2023 | 115K | Did not renew ~115K coastal HO policies through Progressive Home; reduced exposure to wind-prone counties. |
| Liberty Mutual / Safeco | Florida | New business halt | Aug 2022 | - | Stopped writing new HO3 policies in FL; continued auto. |
| USAA | Louisiana | Coastal pullback | 2023-2024 | 17K | Non-renewed ~17K HO policies in coastal LA parishes following Ida/Laura/Delta losses. |
| AIG (Private Client Group) | California | Luxury home non-renewal | 2022-2023 | 9K | Began trimming high-net-worth book in CA wildfire-zone ZIPs; ceded select policies to PURE/Chubb. |
US homeowners-carrier retreat events 2022-2026. Click any header to sort. State Farm's combined CA actions removed ~270K policies; the CA FAIR Plan more than doubled to 555K policies (~$573B exposure) before the Jan 2025 LA fires triggered a post-event assessment. Citizens FL peaked at 1.41M policies before depopulation efforts. Sources: state insurance department filings (CDI, FL OIR, LA LDI) and carrier press.