CRESTA Launches CLIX Industry Loss Index

CRESTA, the insurance industry organisation providing a global standard of risk accumulation zones, has announced today the release of a new service, the CRESTA Industry Loss Index – CLIX.

CLIX provides benchmark information on natural catastrophe losses incurred by the global insurance industry. The database stores key information for all major events since 2000, including the insured loss figure and a detailed event description. For events occurring in 2020 and subsequent years, CLIX includes all industry losses in excess of USD 1bn, while for losses prior to 2020 the threshold is reduced by 3% annually to account for inflation – for example, for the year 2019 the reporting threshold is USD 0.971bn. The geographic coverage of the database is global, excluding the U.S. and its offshore territories.

The CLIX loss list currently includes 144 major natural catastrophe
events, 90 of which exceeded the reporting threshold. Together the
events above the threshold represent a total of more than USD 260bn in industry losses. 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.

CLIX industry losses are based on a comprehensive and systematic collection of public and non-public information from insurers, reinsurers, intermediaries, insurance associations, reporting agencies, and other sources. The information is analysed by a team of highly experienced insurance professionals, representing more than 60 years of industry experience, with weightings and possible adjustments applied to each individual source, to determine the CLIX industry loss.

CLIX industry loss estimates are updated quarterly up to a maximum of three years after the event, unless an event loss is declared final by CRESTA at an earlier stage. All CLIX industry losses and subsequent updates are assigned reporting dates, allowing users to track the development of an event loss over time and hence adding greater transparency to CLIX estimates.