Global Flood Losses in 2024 Reach $18.2 Billion as CRESTA Integrates Into PERILS

The insurance industry faced unprecedented challenges in 2024, with flooding accounting for 78% of global catastrophe losses, amounting to $18.2 billion, according to CRESTA’s Q4 Industry Loss Index (CLIX). This surge in flood-related damages marked a shift from 2023’s convective storm-driven losses, attributed to climate change-induced atmospheric conditions. Notable international events exceeding $1 billion in losses included the Valencia Floods in Spain, the costliest non-US disaster at $3.9 billion.

Effective January 2025, CRESTA’s CLIX will be integrated into PERILS’ product lineup as "PERILS EXTENDED," enhancing data accessibility for insurers and reinsurers. This merger aims to provide a unified loss database for over 200 catastrophic events, simplifying analytics for underwriters and risk managers. Industry leaders Matthias Saenger and Christoph Oehy have underscored the benefits of this consolidation for the risk transfer markets.

Founded in 1977, CRESTA has been pivotal in supporting natural catastrophe insurance management. Now under PERILS AG, its legacy of reliable catastrophe data will further bolster the efficiency of the global insurance sector.