‘Climate change is shifting the probabilities of extreme weather events,’ said Munich Re.

On Tuesday, German reinsurer Munich Re released a report showing that wildfires, storms, earthquakes, and other natural disasters caused an estimated US$131 billion in global economic losses during the first half (H1) of 2025.

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Of that total, about US$80 billion was insured, marking the second-highest insured loss ever recorded for the first half of a year since Munich Re began tracking data in 1980. The only higher figure was in the first half of 2011, largely due to the earthquake and tsunami in Japan.

Weather-related disasters accounted for 88 percent of total losses and 98 percent of insured losses, while earthquakes made up the remaining 12 percent and 2 percent, respectively.

“The message is clear: the world continues to warm; oceans are heating up; climate change is shifting the probabilities of extreme weather events,” said Tobias Grimm, Munich Re’s chief climate scientist.

According to the report, the wildfires in January in the greater Los Angeles area were the costliest disaster in the first six months of 2025, causing US$53 billion in losses, with US$40 billion insured.

It was the most destructive wildfire on record, with both total and insured losses nearly double those of 2018, the previous record year. Due to this event, the United States accounted for the vast majority of natural disaster losses during the period.

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

teleSUR/ JF

Source: Xinhua

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