CRESTA has announced the release of a new service that provides benchmark information on natural catastrophe losses incurred by the global insurance industry.
CLIX has a database that 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 $1 billion, while for losses prior to 2020 the threshold is reduced by 3% annually to account for inflation.
The geographic coverage of the database is global, excluding the US and its offshore territories.
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.
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.
Luzi Hitz, a Member of CRESTA’s CLIX Team, commented, “We are proud of what CRESTA has achieved with CLIX. Reliable industry loss data are key for understanding Cat risk and provide a basic but fundamentally important benchmark for Cat risk modelling.
“Since the foundation of CRESTA in 1977, the goal has been to help the global insurance industry manage natural catastrophe risk more effectively. CLIX aligns perfectly with this enduring goal and we look forward to adding even more value to CRESTA in the future.”
Matthias Saenger, Technical Manager of CLIX, added, “The insurance industry is fully aware of the challenges of compiling comprehensive and reliable Nat Cat industry loss data.
“Available information is often incomplete, outdated and in an unstructured format, while securing the data is time consuming and frustrating.
“CLIX aims to address this data shortfall by providing clean industry loss information in a well-structured format, helping underwriters and Cat researchers save both time and effort, and allowing them to focus on data analysis rather than data cleansing.”
