Natural disasters including wildfires, storms, and earthquakes led to an estimated $131 billion in economic losses globally during the first half of 2025, according to a report released Tuesday by German reinsurer Munich Re.

Of the total, $80 billion was insured — the second-highest insured loss ever recorded for a first half-year since records began in 1980. The only greater figure occurred in 2011 following the massive earthquake and tsunami in Japan.

Weather-related events made up 88% of the total losses and 98% of the insured losses. Earthquakes contributed to the remaining 12% of total losses and 2% of insured claims.

Munich Re's chief climate scientist Tobias Grimm noted that the data confirms a clear trend.

“The world continues to warm; oceans are heating up; climate change is shifting the probabilities of extreme weather events,” said Grimm.

The report identified the January wildfires in the greater Los Angeles area as the most expensive disaster of the period, causing $53 billion in losses, $40 billion of which were insured. It was the most destructive wildfire on record, surpassing the 2018 fire season in both total and insured damages.

As a result, the U.S. represented the largest share of global natural disaster losses in the first half of the year.

“Climate change is a fact and is changing life on Earth,” said Thomas Blunck, a member of Munich Re’s board of management.

“Disasters like the one in Los Angeles have become more likely due to global warming and teach us an important lesson: people, authorities, and companies must adapt to new circumstances.”

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