CRESTA CLIX Quarterly Update Q1 2024

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.

A number of events in 2023 experienced significant upwards loss revisions. Most notable are the severe convective storms in Northern Italy in July 2023 (Caronte Storms), which brought damaging hail and winds to the regions of Lombardy, Veneto, Friuli-Venezia-Giulia, Piemonte and Emilia-Romagna, and to a lesser degree to neighbouring Austria and Slovenia. The loss to the insurance industry for this event is newly estimated at USD 4.8bn, up from USD 2.7bn in CRESTA’s previous release. A further two severe convective storm events in Europe, known as Lambert-Kay (June 2023) and Denis (August 2023), newly exceed the USD 1bn level. The events predominantly impacted Germany, Switzerland and Austria.

The following changes in the CLIX Loss List became effective as result of the CLIX quarterly update per 31 March 2024:

Under investigation

• none
  

Initial loss estimate

• Australia Christmas Storms, Dec 2023 *
• Noto Peninsula Mw 7.5 Earthquake, Japan, Jan 2024

Changed loss estimate

• KwaZulu-Natal Floods, South Africa, April 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 *
• Convective Storms Kay and Lambert, Europe, Jun 2023
• Northern Italy Severe Convective Storms, Jul 2023
• Beijing-Tianjin-Hebei Floods (Typhoon Doksuri), Jul-Aug 2023
• Convective Storm Denis, Europe, Aug 2023
• Hurricane Otis, Mexico, Oct 2023
• European Windstorm Ciaran, Nov 2023

Final loss estimate

• none
  

* below reporting threshold

CLIX Loss List

The CLIX Loss List currently includes 191 major natural catastrophe events, 114 of which exceed the reporting threshold. Together the events above the threshold represent a total of more than USD 338 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.