According to Swiss Re, severe convective storms (SCS) remained the biggest insured-loss driver during the period, generating a staggering $28 billion of insured losses. The reinsurer stressed that this illustrates how insured losses depend not only on the severity of events, but also on where they strike. Although no reliable insured-loss estimate is yet available, low insurance penetration suggests that only a small share of the damage is expected to be insured,” Swiss Re explained. Historically, the second half of the year accounts for an average of 58% of global insured natural catastrophe losses, mainly driven by North Atlantic hurricanes. “Beyond seasonal outlooks, the long-term drivers of catastrophe losses remain unchanged, including growing exposure in hazard-prone areas and rising reconstruction costs.