Swiss Re's sigma No. 1/2026 puts global insured natural catastrophe losses at $137 billion for 2025, against total economic losses of $368 billion. That is a protection gap, the share of weather losses that no insurance covers, of sixty-three percent. APAC carried the heaviest uninsured burden: the January 2025 Noto aftershocks and the August monsoon floods across Bangladesh and Myanmar added roughly $42 billion in uninsured losses to the regional tally, per Swiss Re's preliminary figures. Swiss Re itself wrote an estimated $4.1 billion in natural catastrophe reinsurance premium across Asia-Pacific in 2025, making the firm both the measurer of the gap and a direct beneficiary of the pricing cycle that follows.

The June 1 Atlantic hurricane season open ran concurrent with the first typhoon advisory of the western Pacific season, Tropical Storm Pulasan, which JTWC tracked at Category 1 intensity southeast of Luzon on June 11 before it dissipated without landfall. The quiet start to the Pacific season flatters no one. The Japan Meteorological Agency's seasonal outlook, issued May 30, put the probability of above-normal typhoon activity at fifty-eight percent for June through November, with the Philippine Sea flagged as the principal genesis zone. South Korean and Japanese non-life insurers renewed their catastrophe excess-of-loss covers at January 1 with average risk-adjusted rate increases of nine percent, per Guy Carpenter's April 2026 retro briefing. The next pricing signal arrives at the Florida wind-season mid-year renewal on July 1, when cedants in markets with direct APAC exposures, including two of the four largest Japanese non-life groups, will lock renewal terms that carry through the peak typhoon window.