LONDON, September 1. /TASS/. Annual global losses from climate change could reach $450 bln in a "typical year" in the coming years and rise even further in catastrophic years, the Financial Times (FT) reported, citing US analytics company Verisk Analytics (VA).

Two years ago, such losses from natural disasters, including damage to expanding infrastructure, totaled $320 bln, according to UN estimates. Meanwhile, new data from risk modeling company VA show that as much as 62% of global losses from natural disasters, averaging around $279 bln, are uninsured.

The rising losses reflect the growing impact of climate change. Against this backdrop, the insurance industry, faced with mounting losses from catastrophic risks, is covering an increasingly smaller share of the total estimated damage. Major insurers have also withdrawn entirely from some regions, declining to renew policies in areas facing growing risks.

The magnitude 7.7 earthquake that struck Myanmar in March 2025 caused an estimated $12 bln in damage, of which insurers covered less than $100 mln, according to Verisk Analytics. Losses from the July 2025 floods in Texas, which killed 130 people, were estimated at $1.1 bln, but most of the damage was uninsured.