CRESTA, the re/insurance industry organisation that provides a standard global system of risk accumulation zones, has announced that it will shortly launch an industry loss index for natural catastrophe events.
The index, called CLIX, will provide structured information on natural catastrophe losses incurred by the global insurance and reinsurance industries.
CRESTA believes the industry currently lacks a comprehensive list of insured nat cat losses, and says what limited information is available is often incomplete, outdated and unstructured.
To address this shortfall, CLIX will provide key information, including insured loss data and detailed event descriptions, for all major nat cat events extending back to 2000.
The database will draw from available information sources and will have a reporting threshold of $1 billion, CRESTA explained.
A team of insurance professionals will assess each event to determine whether it exceeds this insured loss level.
CLIX will also be updated on a regular basis to include new events and new information on past events.