Insurable Interest Canadian Insurance Blog

London, UK (July 31, 2025) – Natural catastrophes continue to put a strain on global insurance markets, according to the latest Natural Catastrophe Review published by Willis, a WTW business, a leading global advisory, broking, and solutions company. Worldwide, insured losses from natural catastrophes now consistently exceed USD 100 billion per year. It’s been six years since the insurance industry last experienced a year with low losses from natural catastrophes. Events so far in 2025 indicate that losses exceeding USD 100 billion will very likely continue for at least one more year. The Willis Natural Catastrophe Review is a biannual publication that provides insight into recent natural catastrophes and shares expert views on the risks posed by major perils. It sets out the causes and effects of major catastrophes in 2025 so far and goes beyond the headlines to identify the underlying factors that made them possible. The Review also provides an expert outlook for the rest of the year and into 2026, exploring potential threats from hurricanes, drought, flood and other hazards. Other key trends to note: Exceptional natural catastrophes: So far, major events in 2025 include the Los Angeles wildfires (globally, the worst wildfire event ever with respect...

New York, NY (July 30, 2025) – Artificial intelligence (AI) is projected to become a mainstream finance and accounting tool, according to a recent Deloitte Center for Controllership™  poll. More than 8 in 10 (80.5%) polled finance and accounting professionals say AI-powered tools like AI agents and Generative AI (GenAI) chatbots could become standard tools for the profession within the next five years, while 14.8% say it could happen in less than 12 months. Across all respondents, 42.7% agree that increased efficiency and productivity are the greatest benefits of using AI agents to support finance and accounting processes, with convictions even stronger among those whose organizations already use agentic AI (56.1%). Other benefits include enhanced data analysis and insights (26.3%) and improved accuracy and error reduction (12.4%). Despite optimism about the future of AI, few organizations are currently using AI agents to support finance and accounting tasks. Just 13.5% of respondents say their organizations are already using agentic AI — although 33.6% say they are currently building or have future plans to adopt the technology. A further 7.6% of respondents do not know what an AI agent is. “There is significant momentum around agentic tools and their potential to transform...

High overall losses of around US$ 131bn slightly lower than last year – but well above long-term average Fires on the outskirts of Los Angeles in January cause highest wildfire losses of all time Very high claims expenditure for insurers: Almost US$ 80bn, mainly driven by wildfires in the United States Insured losses were the second-highest in the first half of any year since 1980 Morristown, NJ (July 31, 2025) – Worldwide, natural disasters caused overall losses of around US$ 131bn in the first half of 2025 (previous year, adjusted for inflation: US$ 155bn), of which US$ 80bn was insured (in 2024: US$ 64bn). Both overall losses and insured losses were significantly higher than the average for the previous ten years and the previous 30 years (adjusted for inflation: overall losses of US$ 101/79bn, insured losses of US$ 41/26bn). Insured losses in H1 2025 were the second-highest in the first half of any year since our records began in 1980. Only in the first half of 2011 were insured losses even higher, attributable to a severe earthquake and destructive tsunami in Japan. Weather disasters caused 88% of overall losses and 98% of insured losses, while earthquakes accounted for 12% and...

Rolling Meadows, IL (July 16, 2025) – Following a very active start to 2025 for natural catastrophe activity in the United States, fewer high-cost events in the rest of the world have kept the first six months of the year manageable for governments and the insurance industry globally. Global economic losses reached USD151 billion, the lowest H1 total since 2021, yet still above the 2015-2024 H1 average. Global insured losses climbed to USD84 billion, well above the decadal average of USD54 billion and the highest H1 total since 2011. This was primarily driven by January U.S. wildfires (USD40 billion) and U.S. severe convective storm (SCS) activity (USD32 billion), accounting for 87% of H1 insured losses. Notably, fourteen billion-dollar insured loss events occurred globally, with thirteen in the U.S. and one in APAC, marking the fewest global H1 total since 2019. Entering the second half of the year, there’s a heightened focus on the Atlantic hurricane season, as we approach peak tropical cyclone season and ENSO-neutral conditions persist. Colorado State University, a collaborative partner with Gallagher Re, forecasts near-average Atlantic hurricane activity, detailed in the full report. Gallagher Re’s Natural Catastrophe and Climate Report: First Half 2025 report summarizes preliminary global...