The GILC review identifies flood, storm, wildfire and catastrophe exposures as placing pressure on underwriting, pricing, reinsurance arrangements, product design and the affordability of cover across multiple jurisdictions. In Australia, the Insurance Council of Australia’s updated data shows extreme weather losses surging alongside higher average claim costs and significant pressure on supply chains, with Munich Re recording A$4.8 billion in insured weather losses during 2025. Austria recorded €1.7 billion in insured natural catastrophe losses during 2024 – the highest level reported for that market – with insured losses from natural disasters now exceeding €1 billion annually on average. The 2024 Central European floods alone produced €550-650 million in Austrian domestic losses and pushed the federal disaster fund to €1 billion. Spain experienced its own landmark event in the Valencia DANA, which the report’s Spanish contributors describe as producing very large volumes of property, motor and business interruption claims while simultaneously testing loss-adjusting capacity, policy wording and public communication at scale.
Six straight years above $100 billion – and the insurance environment is not getting simpler
By Awais
