CRESTA CLIX Quarterly Update Q2 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.
The most significant revision was for the industry loss from the severe convective storms in Northern Italy in July 2023 which now stands at USD 5.7bn, up from USD 4.8bn as per the Q1 2024 CLIX update.
Three events which occurred in the second quarter of 2024 were added to the CLIX Loss List. These included the flash floods in Dubai and neighbouring countries in mid-April (initial estimate USD 2.3bn), the hailstorm event in Japan’s Hyogo prefecture on 16 April (initial estimate USD 1.1bn), and the flood event in Southern Germany at the beginning of June (initial estimate to be released in Q3 update).
The following changes in the CLIX Loss List became effective as result of the CLIX quarterly update per 30 June 2024:
Under investigation
- Southern Germany Floods, May-Jun 2024
Initial loss estimate
- Floods and Storms Babet-Aline, Europe, Oct 2023 *
- Hualien Mw 7.4 Earthquake, Taiwan, Apr 2024 *
- Dubai Floods, Apr 2024
- Hyogo Hailstorm, Japan, April 2024
- Guangdong Floods, China, Apr 2024 *
Changed loss estimate
- China Henan Floods, Jul 2021
- Ontario and Quebec Derecho, May 2022 *
- Hurricane Fiona, Caribbean, Canada, Sep 2022 *
- North Island Floods, New Zealand, Jan 2023
- Cyclone Gabrielle, New Zealand, Feb 2023
- Emilia-Romagna Floods, Italy, May 2023 *
- Northern Italy Severe Convective Storms, Jul 2023
- Beijing-Tianjin-Hebei Floods (Typhoon Doksuri), Jul-Aug 2023
- Hurricane Otis, Mexico, Oct 2023
- European Windstorm Ciaran, Nov 2023
- Australia Christmas Storms, Dec 2023
- Noto Peninsula Mw 7.5 Earthquake, Japan, Jan 2024
Final loss estimate
- Fukushima Mw 7.0 Earthquake, Feb 2021
* below reporting threshold
CLIX Loss List
The CLIX Loss List currently includes 197 major natural catastrophe events, 117 of which exceed the reporting threshold. Together the events above the threshold represent a total of more than USD 344 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.