CRESTA CLIX Quarterly Update Q4 2023
Summary
CRESTA provides industry loss data on international (non-US) Cat events which have generated losses to the insurance industry in excess of USD 1bn. In 2023, there were seven events with industry losses exceeding this loss threshold. A further two events in 2023 – severe convective storms in Germany in mid-June and severe convective storms in Eastern Australia in late December – have the potential to exceed the USD 1bn loss level and are currently under investigation.
The following changes in the CLIX Loss List became effective as result of the CLIX quarterly update per 31 Dec 2023:
Under investigation
- Eastern Australia Hailstorms, Dec 2023
Initial loss estimate
- Slovenia Floods, Aug 2023*
- Storm Hans, Northern Europe, Aug 2023*
- Convective Storm Denis, Europe, Aug 2023*
- Hong Kong Floods (Typhoon Saola), Sep 2023*
- Hurricane Otis, Mexico, Oct 2023
- European Windstorm Ciaran, Nov 2023
Changed loss estimate
- Fukushima Mw 7.0 Earthquake, Feb 2021
- European Severe Storms, Jun 2021
- European Summer Floods, Jul 2021
- Fukushima Mw 7.3 Earthquake, Mar 2022
- KwaZulu-Natal Floods, South Africa, April 2022
- Western Europe Severe Storms, Early June 2022
- Kanto Hailstorm, Japan, Jun 2022*
- Western Europe Severe Storms, Mid-June 2022
- Hurricane Fiona, Caribbean, Canada, Sep 2022*
- North Island Floods, New Zealand, Jan 2023
- Kahramanmaras Earthquake Sequence, Türkiye, Feb 2023
- Cyclone Gabrielle, New Zealand, Feb 2023
- Emilia-Romagna Floods, Italy, May 2023*
- Northern Italy Severe Convective Storms, Jul 2023
Final loss estimate
- Japan Heavy Rain, Aug 2021
- Southeast Australia Floods, Oct 2022
* below reporting threshold
CLIX Loss List
The CLIX Loss List currently includes 192 major natural catastrophe events, 111 of which exceed the reporting threshold. Together the events above the threshold represent a total of more than USD 330 bn in industry losses.
Reporting Schedule
Whenever feasible, a first CLIX industry loss estimate will be made available by the end of the quarter following the event’s end date. All subsequent industry loss estimates will be made available in the following quarters up to a maximum of three years after the first industry loss estimate was released, unless it is declared final by CRESTA at an earlier stage.
Products
For each qualifying CLIX event, a detailed event description is provided together with structured data on fatalities, number of claims, and other relevant information where available. All information is easily retrievable from the database via the website in pdf and Excel format.