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CRESTA, a provider of insurance industry loss data on non-US catastrophe events which have driven losses of above $1 billion, has released the Q2 2024 update of its CRESTA Industry Loss Index (CLIX), revealing that aggregate losses in the first half of 2024 are expected to be around the long-term H1 average.
The total count for international billion-dollar cat events in the first half of 2024 stands at four, with aggregated losses likely to be around the long-term H1 average of $8.5 billion, reports CRESTA.
In Q1 2024, only the Japan Noto Earthquake exceeded $1 billion in losses, with three events in Q2 added to the CLIX Loss List.
These include the flash floods in Dubai and neighbouring countries in mid-April which were initially estimated at $2.3 billion, the hailstorm in Japan’s Hyogo prefecture on April 16th, estimated at $1.1 billion, and the floods in Southern Germany at the beginning of June for which the initial estimate will be released in CRESTA’s Q3 update.
Additionally, the Q2 update includes revisions of 21 cat events from the past three years, with loss numbers revised or finalised for 10 events. According to CRESTA, the most significant revision was for the insured loss from the severe convective storms in Northern Italy in July of last year, which has been raised to $5.7 billion from $4.8 billion as per the Q1 2024 CRESTA update.
Matthias Saenger, CRESTA CLIX team member, commented: “With the release of the CRESTA CLIX second quarter update we can see that there was average Cat loss activity for the first half of 2024 coupled with upward revisions for events from prior years.
“These increases in insured losses over a period of time demonstrate the importance of our approach of reviewing loss figures up to a maximum of three years after an event.
“This process enhances the accuracy of industry loss numbers which are fundamental for both the assessment of natural catastrophe risks and its management through insurance and reinsurance solutions.”
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