insured losses from the Los Angeles fires, January 2025: the costliest wildfire on record
Flood
27,600
companies hit by the Valencia floods, Oct 2024. Car plants 300 km away stopped for lack of parts
92%
of 2025 losses from fires, storms and floods
The trend
$107B
insured catastrophe losses in 2025, the sixth year in a row above $100B
Sources: Swiss Re Institute, sigma 1/2026; Fundació Horta Sud (Dec 2024); Everstream Analytics. Images: NASA Earth Observatory; European Union, Copernicus Sentinel-3 imagery.
Meanwhile, the rules are swinging back.
2024–25
The six largest US banks leave the Net-Zero Banking Alliance.
Aug 2025
The alliance suspends its activities.
Mar 2026
EU Omnibus in force: sustainability reporting narrowed to the largest firms; climate transition plans dropped from due diligence.
Sources: Directive (EU) 2026/470; press coverage of NZBA exits (2024–25).