CRESTA CLIX Quarterly Update Q4 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 largest non-US event in 2024 was the catastrophic flooding in the Valencia region of Spain in late October. CRESTA currently estimates the industry loss at USD 3.9bn, making it the highest Cat loss on record for the Spanish insurance market. The vast majority of the losses are covered by the “Consorcio de Compensación de Seguros”, the compulsory government scheme for natural catastrophe insurance in Spain.

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

Under investigation

• Tropical Cyclone Chido, Mayotte, Dec 2024
  

Initial loss estimate

• Typhoon No 11 (Yagi), China, Vietnam, Sep 2024 *
• Central Europe Floods (Storm Boris), Sep 2024
• Valencia Floods, Spain, Oct 2024

Changed loss estimate

• Western Europe Severe Storms, Early June 2022
• Western Europe Severe Storms, Mid-June 2022
• Convective Storms Kay and Lambert, Europe, Jun 2023
• Northern Italy Severe Convective Storms, Jul 2023
• Convective Storm Denis, Europe, Aug 2023
• Hurricane Otis, Mexico, Oct 2023
• Noto Peninsula Mw 7.5 Earthquake, Japan, Jan 2024
• Hualien Mw 7.4 Earthquake, Taiwan, Apr 2024 *
• Hyôgo Hailstorms, Japan, Apr 2024 *
• Southern Germany Floods, May-Jun 2024
• Southern Ontario Flash Flood, Canada, Jul 2024 *
• Jasper Wildfire, Alberta, Canada, Jul 2024 *
• Calgary Hailstorm, Canada, Aug 2024
• Hurricane Debby (Remnants), Canada, Aug 2024

Final loss estimate

• European Summer Floods, Jul 2021
• Fukushima Mw 7.3 Earthquake, Mar 2022
• Kanto Hailstorm, Japan, Jun 2022 *
• Typhoon Nr. 14 (Nanmadol), Japan, Sep 2022
• North Island Floods, New Zealand, Jan 2023
• Cyclone Gabrielle, New Zealand, Feb 2023
• Floods and Storms Babet-Aline, Europe, Oct 2023 *
• European Windstorm Ciaran, Nov 2023
• Australia Christmas Storms, Dec 2023
• Typhoon No. 10 (Shanshan), Japan, Aug-Sep 2024 *

* below reporting threshold