Japan’s Hyogo hailstorm listed in industry loss index

Initial loss estimate stood at $1.1b.

The Hyogo prefecture hailstorm last 16 April was included in the second quarter update of CRESTA’s Industry Loss Index (CLIX)

Other new events from Q2 2024 added to the CLIX Loss List were:

1. Flash floods in Dubai and neighbouring countries (mid-April 2024) - Initial estimate: $2.3b. This event marks the first multi-billion Cat event in the Middle East on the CLIX Loss List since 2000.
2. Flood event in Southern Germany (early June 2024) - Initial estimate to be released in the Q3 update.

Including the Japan Noto Earthquake from Q1 2024, the total count of international billion-dollar Cat events for the first half of 2024 is four, with aggregated losses approximating the long-term H1 average of $8.5b.

This update covers 21 catastrophic (Cat) events from the past three years, with revised or finalised loss numbers for ten of these events.

The most notable revision is the severe convective storms in Northern Italy in July 2023, with industry loss figures now at $5.7b, up from $4.8b in the Q1 2024 update. 

CRESTA is an organisation standardising risk accumulation zones and natural catastrophe industry losses for the insurance sector.