US-driven H1 cat losses could mean regional variances in pricing

Elevated losses from wildfires and severe convective storms (SCS) meant the US accounted for a remarkable 92% of all insured losses stemming from weather or climate related perils in H1 2025. That could stymie further softening in the US in the short term – but it would still take a very big loss to move the market in a meaningful way, given the abundance of capital available.