Secondary perils drive North America nat cat bill to $90B: Swiss Re


“While 2025 was a relatively mild year for insured catastrophe losses in Canada, it would be a mistake to interpret that as a signal that risk is easing,” said Jolee Crosby, CEO of Swiss Re Canada. “What we are seeing across North America is a structural shift, where so‑called secondary perils, particularly wildfire and severe convective storms, are becoming the dominant drivers of insured losses.”



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