Japan saw two natural catastrophe (nat cat) events exceed US$1bn in insurance losses in the first half of 2024, according to CRESTA’s updated Industry Loss Index (CLIX), published Tuesday.
The database provides insurance industry loss data on international (non-US) Cat events which have generated losses in excess of US$1bn.
So far this year, four events are estimated to have exceeded that mark, with three events added to the CLIX Loss List in the second quarter of 2024.
The two major events in Japan were the Noto Earthquake in the first quarter and a hailstorm in Hyogo prefecture on 16 April. The initial estimate for the Noto Earthquake exceeds US$1bn, while the hailstorm has an initial estimate of US$1.1bn.
Besides the hailstorm in Japan, the list in Q2 added flash floods in Dubai and neighbouring countries in mid-April, with an initial estimate of US$2.3bn, and a flood event in Southern Germany at the beginning of June, with the initial estimate to be released in the Q3 update.
Matthias Saenger
CRESTA CLIXThe Dubai Floods are the first multi-billion-dollar nat cat event in the Middle East on the CLIX Loss List, which goes back to the year 2000.
Aggregated losses are likely to be around the long-term H1 average of US$8.5bn, CRESTA said.
CRESTA CLIX’s Matthias Saenger said, “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.”
Saenger also noted that the data has seen upward revisions of insurance losses 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,” he said.
“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,” Saenger concluded.
