Revealed: the top catastrophe loss event for the first half of 2021

Only one event has exceeded the US$1 billion threshold – and it was in Asia

Revealed: the top catastrophe loss event for the first half of 2021

Catastrophe & Flood

By Gabriel Olano

CRESTA has released its industry loss index for the second quarter of 2021, with February’s Fukushima Earthquake in Japan topping the list, as the sole event that exceeded a US$1 billion industry loss for the year to date.

The magnitude 7.0 Fukushima earthquake was estimated by CRESTA to have caused an industry loss of US$2.63 billion.

The latest CRESTA Industry Loss Index (CLIX) examined a total of 28 catastrophe events that occurred in the past three years, taking into account any new updates and information that became available. Aside from the Fukushima quake, CLIX is also investigating two events in the first quarter – the heavy snowfall event in Japan in January and the floods along the Australian East Coast in March.

For the second quarter of 2021, cyclones Seroja in Western Australia, in April, and Yaas in India, in May, were added to the CLIX loss list and are currently being investigated.

“With only one event so far having exceeded our loss capturing trigger of US$1 billion, 2021 continues the benign trend in international cat industry losses observed in 2020, during which no international cat events exceeded this loss marker,” said Matthias Saenger, CLIX technical manager. “This is quite remarkable, given that in the past 21 years an industry event loss of US$1 billion was reached or exceeded on average 4.5 times per year.”

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