Europe’s heatwaves threaten insurers’ earnings, rating agency S&P says
Rating agency S&P warns that Europe's aging population and rising heatwaves are increasing mortality rates, which threatens the profitability of insurance companies. Insurers may be forced to raise premiums as they face a surge in life and health insurance claims linked to extreme temperatures.
Why it matters
This highlights a growing financial risk where climate change directly impacts the stability of the insurance industry and the cost of living for aging populations.
The growing proportion of older people in Europe’s population suggests heat-related deaths on the continent are likely to rise, S&P said. The growing proportion of older people in Europe’s population suggests heat-related deaths on the continent are likely to rise, S&P said. Insurance industry Europe’s heatwaves threaten insurers’ earnings, rating agency S&P says Rise in claims linked to heat-related deaths and illness, especially among older people, could drive up premiums
Prefer the Guardian on Google Europe’s intense heatwaves could hit insurers’ earnings as companies face a rise in claims linked to heat-related deaths and worsening health conditions, the rating agency S&P has said.
While a long summer of extreme heat will have increased drought and wildfire-related claims, the rating agency said there would also be fallout for life and health insurers, and for the reinsurers who provide financial protection to insurance companies.
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