Swiss Re sees rising claims across sectors from heatwaves

Liability and health sectors witnessed a sharp rise in claims.

Extreme heat is one of the most pressing emerging risks for the insurance sector, with global insured losses from related wildfires reaching $78.5b between 2015 and 2024, according to Swiss Re's 2025 SONAR report. 

The report also points to a sharp rise in liability and health-related claims linked to climate change-induced heatwaves, as well as growing legal risks for corporates that fail to mitigate environmental harms.

The study underscores how extreme heat is increasingly driving insurance claims across multiple lines, including health, property, liability, and workers’ compensation. 

Swiss Re warns that prolonged heatwaves are creating new exposures for sectors such as telecommunications, where overheating infrastructure like data centres may cause system failures.

Swiss Re’s chief risk officer Patrick Raaflaub said the insurance industry is being forced to broaden its risk horizon as multiple macro trends—such as extreme weather and digital risk—converge and reshape the global risk landscape.