Howden Re flags Asia, Europe as top loss drivers

28 March left over 5,300 dead yet coverage was negligible in Myanmar due to under 5% uptake.

Last year witnessed lower insured losses from traditional headline catastrophe events, according to Howden Re’s 2025 Natural Catastrophe Snapshot revealed.

Whilst the US experienced a quiet hurricane season and below-average storm losses, localised events in Asia and Europe emerged as primary loss drivers last year.

A magnitude 7.7 earthquake struck central Myanmar on March 28, killing over 5,300 people. 

Despite the severity, insured losses in Myanmar were negligible because insurance penetration remains below 5%.

The earthquake impacted Thailand, where a high-rise building collapse in Bangkok caused 45 deaths. 

Insured losses in Thailand are estimated between $600m and $900m, with the largest claim tied to a Contractor All Risk policy on the collapsed tower. 

This total is significantly lower than the $15b loss from the 2011 floods.

Super Typhoon Ragasa brought storm surges of up to 3.8 meters to Hong Kong, matching levels seen during 2018’s Typhoon Mangkhut. 

Whilst Ragasa reached Category 5 intensity in the Atlantic as Hurricane Melissa and later struck Guangdong at Category 2, insured losses were mitigated by better forecasting and regional preparedness.

Howden Re noted that Hong Kong's risk profile has evolved from high-fatality events to high-value economic losses driven by urban density. 

The report stresses the need for markets like Singapore and Bangkok to improve modelling for distant seismic sources and local soil conditions to address remaining protection gaps.