The Los Angeles blazes in January constitute the largest-ever insured wildfire loss event by far, reaching an estimated $40 billion, said Swiss Re

The Los Angeles blazes in January constitute the largest-ever insured wildfire loss event by far, reaching an estimated $40 billion, said Swiss Re

 JOSH EDELSON

Global economic losses from natural disasters are projected to have dropped by 33 percent to $220 billion in 2025, despite the damage wrought by the Los Angeles wildfires, reinsurer Swiss Re said Tuesday.

The total cost of insured losses from natural catastrophes is estimated at $107 billion, down 24 percent from the previous year, the Zurich-based reinsurance giant said in its preliminary estimates for 2025.

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