By power dissipated across a resistance
$P=V I $ or $I=\frac{P}{V}$
Loss in transmission $=I^{2} r$
$=\left(\frac{P}{V}\right)^{2} r$
$=\frac{P^{2}}{V^{2}} \cdot r \propto \frac{1}{V^{2}}$
So, loss in transmission is inversely proportional to $V^{2}$.