Kathmandu. Globally, insurance companies are estimated to suffer more than $53 billion in economic losses due to natural disasters by April, the first quarter of 2025. This was estimated at the first quarter global disaster review of the Global Reinsurance Group, AON.
This economic loss is more than the average economic loss of $ 17 billion in the first quarter of the 21st century and the second largest than the loss in the first quarter of 2011. This year, insurance companies suffered the biggest economic loss due to wildfires in California. Insurance companies have suffered $39 billion in financial losses. That’s 71 percent of the damage caused by this year’s natural disasters.
Insurance companies have also suffered huge financial losses due to hurricanes in the US and devastating earthquakes in Myanmar and China.
In the first quarter of 2025, 36 percent of the economic losses caused by natural disasters were out of insurance cover. However, this is lower than in the first quarter of 1990.
In 2024, natural disasters caused $374 billion in economic losses worldwide. In the past nine years, more than $300 billion in economic losses have been caused worldwide due to persistent natural disasters, according to the report.
