According to CRESTA’s update of its CLIX Loss List, in terms of industry loss amount, Q3 was dominated by the severe convective storms in Northern Italy, which brought damaging hail and winds to the regions of Lombardy, Veneto, Friuli-Venezia-Giulia, Piemonte and Emilia-Romagna, with an initial industry loss estimate of $2.2bn.
CLIX, the CRESTA Industry Loss Index, provides industry loss data on international cat events (excluding the US) which have generated industry losses in excess of $1bn.
Citing the Index, CRESTA has noted that severe convective storms are now playing an ever more important role in international cat losses, a trend also observed in the States.
Matthias Saenger, Product Manager of CRESTA, commented, “The increase in the frequency and severity of severe convective storms is evident in our data which encompass 24 years of loss history.
“With loss figures indexed to reflect 2023 values, the decade from 2000 to 2009 saw three events which generated industry losses exceeding USD 1bn, while from 2010 to 2019 there were ten such events. Since 2020, we have already experienced six events which have exceeded our industry loss threshold.”
Saenger continued, “In terms of severity, the average event loss figures for the time periods are USD 1.8bn (2000-2009), USD 2.5bn (2010-2019), and USD 2.9bn (2020-2013).
“The CLIX data therefore clearly illustrate that there has been a marked increase in the frequency and severity of severe convective storms since 2000.”
