Peak perils in 2025 accounted for only a small share of overall losses, according to the latest report by Howden Re. Outside of the US, losses were driven by a series of notable, but localised events across Asia and Europe, producing moderate insured losses amid significant human and economic impacts.
The report highlighted the Myanmar earthquake on 28 March and Super Typhoon Ragasa on 21 September as the costliest events within the Asia Pacific region in 2025. The typhoon incurred an estimated $1.3bn in insured losses, while the Myanmar earthquake, which struck central Myanmar in Sagaing, had an estimated insured loss of between $600m and $900m.
The insured losses in Myanmar were well below losses from the 2011 floods of approximately $15bn and COVID-19 claims of around $4.5bn. The largest single insured loss arising from the Myanmar event was a Contractor All Risk policy on a collapsed high-rise building. It also puts into perspective the low insurance penetration rate in Myanmar, as compared to Taiwan and Hong Kong, where Super Typhoon Ragasa made landfall.
“The event highlights the earthquake protection gap and the importance for cities such as Singapore, Hong Kong, and Bangkok to model distant seismic sources and detailed local soil conditions. While parametric solutions and earthquake pools have helped address protection gaps, uptake remains limited, underscoring the role of the insurance industry in building long-term resilience,” said the report.
The report also noted that after 2025, it is clear that catastrophes happen, and large losses are no longer anomalies. “While the timing, location, and nature of these events remain uncertain, they underscore the need for robust, multifaceted approaches to risk transfer and portfolio management,” said the report.