Cat losses of $1 billion + occur more than 4.5 times a year: CRESTA

CRESTA’s latest quarterly update on the CLIX Industry Loss List shows that event losses of $1 billion occur more than 4.5 times per year on average.

In the latest update, a total of 22 Cat events that occurred in the past three years were reviewed and updated as new information became available. CLIX, the CRESTA Industry Loss Index, provides industry loss data on international Cat events (excluding the US) that have caused industrial losses in excess of $1 billion.

Matthias Sainger, CRESTA Product Manager, commented: “An analysis of the CLIX industry loss database shows that an event loss of $1 billion is reached or exceeded on average 4.5 times per year. With three events already confirmed to have exceeded this loss level in The first quarter and three other events in the second quarter under investigation, it seems entirely possible that 2022 could turn out to be an above-average year for international Cat loss activity.”

He continued, “CRESTA CLIX provides a consistent and regular history of loss events that can be used in a range of actuarial analyses. We are pleased to see the continued increase in CLIX adoption by the insurance and reinsurance market, and we thank all of our subscribers for their support.”

In 2022 so far, the European Storm Series in mid-February tops the list of international catastrophe insurance losses with an industrial loss of $4.1 billion. It is closely followed by the flood event in eastern Australia during February-March 2022 which caused an industrial loss currently estimated at $3.7 billion, and the Mw7.3 earthquake that hit the Fukushima region of Japan on March 16, 2022 with an estimated industrial loss. $2.3 billion.

Three new events in the second quarter of 2022 that are likely to cause an industry loss of over $1 billion are currently under investigation. These include the floods of KwaZulu-Natal in South Africa in April, the Ontario/Quebec Storm Dericho in Canada in May, and intense heat storms in France in June.

The Fukushima Mw7.3 earthquake of 2022 had a striking similarity to the Mw7.0 Fukushima earthquake of February 13, 2021. In the seismic context, both events can be considered long-term aftershocks of the catastrophic Mw9.1 earthquake in Tohoku on March 11, 2011 but unlike the Tohoku earthquake , the recent events did not generate large tsunamis and the insurance damage was largely caused by ground shaking, affecting a similar area across Fukushima, Miyagi and Iwate prefectures. In the latest CLIX update, CRESTA estimates the industry loss for the Fukushima 2021 event at $2.5 billion, while the Fukushima 2022 event is estimated at $2.3 billion.

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