Insurance News

2020 a favorable year for international cat losses: CRESTA

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CRESTA, the reinsurance industry that provides a standard global system of risk accumulation zones, reported that 2020 was a “very favorable year” for major disaster losses outside the US.

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CRESTA’s industry loss index, CLIX, shows that five catastrophic events outside the US last year yielded more than $ 1 billion in reinsurance operations, with a combined loss totaling $ 7.1 billion.

This is well below the 20-year annual average of $ 16.7 billion for large-scale international disaster events, adjusted for asset growth and price developments.

Windstorm Sabine (also known as Ciara), which affected the British Isles and mainland Europe between 9 and 11de of February 2020.

This is followed by three events in Asia – the China Summer Floods, the Heavy Rain Event in July in Japan and the Typhoon Haishen in September, which affected Japan and Korea. Hailstorms in Australia completed the 2020 list in January.

Other important events in 2020 included Hurricane Eta (Central America, November 2020), Typhoon Goni (Philippines, November 2020), Queensland hailstorm (Australia, October 2020), floods in southern France and northern Italy (October). 2020), the Calgary hailstorm. (Canada, June 2020), and the Australian East Coast Low Conference (February 2020).

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None of these events, however, resulted in a loss of more than $ 1 billion in the industry, although, in the cases of Hurricane Eta and Typhoon Goni, the major economic losses were caused in the regions concerned.

The CLIX database stores important information for all major disaster events since 2000, except the US.

The loss list currently contains 161 major natural disaster events, 93 of which exceed the reporting threshold and represent a total loss to the industry of more than $ 265 billion.

“Since the launch of CLIX in October last year, we have received extremely positive feedback from the insurance industry,” said Matthias Saenger, CLIX Technical Manager.

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“We have talked to insurers, reinsurers, ILS funds and intermediaries, and all without exception have welcomed the creation of an independent and well-structured source of huge losses in the Cat industry,” Saenger continued.

“This is a great encouragement to the entire CRESTA CLIX team and we are committed to meeting the expectations of the industry by providing the information on loss-making operations, guided by the principles of transparency and objectivity.”

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