2024 catastrophic losses driven by flooding - CRESTA research
The insurance industry experienced a year dominated by flooding in 2024, with global industry losses from major catastrophes totalling $18.2 billion, according to CRESTA. The organisation released its Q4 update to the CRESTA Industry Loss Index (CLIX) and announced the integration of the service into PERILS' product range as of January 1, 2025.
The report highlighted that flooding accounted for an unprecedented 78% of the year's total losses, earning 2024 the designation of "the year of the floods." This marked a departure from 2023, when severe convective storms drove losses. Experts attributed the shift to warming climate conditions, which increase atmospheric energy and moisture, fostering more extreme weather.
Eight international (non-US) catastrophes exceeded $1 billion in insured losses last year:
- Noto Earthquake, Japan (January 2024)
- Dubai Floods (April 2024)
- Rio Grande do Sul Floods, Brazil (April-May 2024)
- Southern Germany Floods (May-June 2024)
- Calgary Hailstorm, Canada (August 2024)
- Ex-Hurricane Debby Floods, Canada (August 2024)
- Central Europe Floods (September 2024)
- Valencia Floods, Spain (October 2024)
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As of January 2025, CRESTA CLIX will operate under the PERILS brand as "PERILS EXTENDED," complementing the existing PERILS data services. This integration aims to streamline reporting for the insurance and reinsurance sectors, enhancing data accessibility and efficiency in the risk transfer market.
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