Natural disasters like the Los Angeles wildfires have caused more than $131 billion in global losses during the first six months of 2025, according to a report from insurance company Munich Re.
Halfway through this year, overall losses are “slightly lower,” when compared to the same period in 2024, while also “well above” the long-term average.
Overall losses by June last year were $155 billion, adjusted for inflation, and were driven by a New Year’s Day earthquake in Japan and severe thunderstorms in the United States that produced more than 1,250 tornadoes.
The devastating wildfires in L.A. have been the costliest natural disaster of 2025 so far, according to the report, with the overall loss estimated at $53 billion. Approximately $40 billion of the overall figure was insured.
“Strong Santa Ana winds are common in California during winter,” Tobias Grimm, chief climate scientist at Munich Re, said. “At the same time, the wildfire season there tends to last longer than in the past because there is often less precipitation in the cooler months. This means that two accelerants, drought and strong winds, coincide more frequently. Then all it takes is just one spark in the wrong place for disaster to strike.”
Grimm told CBS News that the damages will likely continue to climb as weather events become more extreme due to climate change and more people move into high-risk areas.
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Author: Dillon B
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