Natural disasters around the world caused economic losses of $135 billion in the first six months of 2025, Swiss insurance giant Swiss Re said.

The fires in Los Angeles in January, which became the largest wildfire in history with damages of around $40 billion, contributed significantly to the losses.

Swiss Re, which insures insurance companies, noted that losses for the first half of the year were up from the same period in 2024, when they totaled $123 billion. Of the total losses for 2025, $80 billion was covered by insurance.

The company explained that the "exceptional severity of losses" from the California fires was due to prolonged winds, lack of rainfall, and "one of the highest concentrations of expensive single-family homes in the US."

Another major disaster in the first half of the year was the earthquake in Myanmar in March, whose tremors were felt in Thailand, India, and China.

In Thailand alone, losses reached $1.5 billion.

Swiss Re points out that the second half of the year is usually more expensive for insurers due to damage from hurricanes in the North Atlantic. | BGNES, AFP