Edward Conard

Top Ten New York Times Bestselling Author

  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
Upside of Inequality Oxford Unintended Consequences

AI Summary. Insurance broker Aon reports global insured losses from natural disasters exceeded $127bn, with more than $100bn in the US, led by the Los Angeles wildfires, while total global economic losses from disasters reached about $260bn. More than half of those economic losses were uninsured, reflecting persistent coverage gaps in emerging markets.

Eva Xiao and Lee Harris Financial Times
Date Posted:

$100B of the $127B total global insured losses due to natural disasters in 2025 were in the US, according to an Aon report, ~$58B of which were caused by the Los Angeles fires. Overall global economic losses from disasters in 2025 totaled $260B.

How large were global insured and uninsured natural disaster losses?

Core argument: Global insured losses from natural disasters exceeded $127bn in 2025, with more than $100bn occurring in the US after the Los Angeles fires, according to insurance broker Aon.

Global insured losses of more than $127bn from natural disasters were dominated by more than $100bn occurring in the US in 2025 after the Los Angeles fires, according to a new industry report on climate and other extreme events. Overall global economic losses stemming from disasters, including thunderstorms and earthquakes, totalled about $260bn, according to the review by insurance broker Aon. But more than half of those losses remain not covered by insurance, highlighting the persistence of inadequate coverage in emerging markets, it said. “Extreme weather events are becoming more frequent and unpredictable, affecting new geographies and sectors, and challenging long-held assumptions about resilience,” wrote Greg Case, Aon chief executive. “Weather exposures are rising,” he noted. Insured losses from climate disasters were 27% higher than the long-term average since 2000.

Takeaways by Macro Roundup® AI

  1. Global insured losses from natural disasters exceeded $127bn in 2025, with more than $100bn occurring in the US after the Los Angeles fires, according to insurance broker Aon.
  2. Aon puts total global economic losses from disasters, including thunderstorms and earthquakes, at about $260bn, with more than half uninsured, highlighting the persistence of inadequate coverage in emerging markets.
  3. Insured losses from climate disasters ran 27% above the long-term average since 2000, and Aon chief executive Greg Case wrote that extreme weather events are becoming more frequent and unpredictable, affecting new geographies and sectors.

Related Articles:

  • The World Is Getting Riskier. Americans Don’t Want to Pay for It — Americans' resistance to paying to insure against risks from illness, old age, and natural and financial disasters is growing alongside those risks; JPMorgan estimated wildfires around Los Angeles caused $50bn in losses, of which only $20bn were insured. Socializing risk removes the price signal that encourages the insured to mitigate their own exposure.
  • Runaway Insurance Costs Bring Back Talk of Price Caps — State regulators have approved home insurance rate increases averaging 50% and auto increases averaging 42%, outpacing a 26% rise in consumer prices over the same period, according to S&P Global Market Intelligence and Labor Department data.
  • Insurance: Climbing Costs Cut Into Consumer Budgets — Bank of America internal data show median household property insurance payments (auto and home) rose 6% year-over-year and more than 40% over five years, lifting such payments to 5% of income. Younger generations saw the largest increases, though Gen X payments also rose 45%.
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