Global insured natural catastrophe (CAT) losses exceeded $107 billion, a significant figure but below the $150 billion projected midyear. While early 2025 saw unusually high CAT losses, major hurricanes expected in the second half either missed the US or moved offshore, mitigating potential disaster-related claims. Renewal pricing improved in late 2025, while single-insurer placements mostly held flat or saw modest decreases, as shared or layered placements experienced relief of 10% to 30%, or more.