Europe’s heatwaves threaten insurers’ earnings, rating agency S&P says

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The growing proportion of older people in Europe’s population suggests heat-related deaths on the continent are likely to rise, S&P said. Photograph: Anadolu/Getty Images View image in fullscreen The growing proportion of older people in Europe’s population suggests heat-related deaths on the continent are likely to rise, S&P said. Photograph: Anadolu/Getty Images 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.

That could ultimately translate to higher premiums for customers, as insurers try to cover increased payouts to policyholders.

Europe’s heatwaves, paired with its ageing population, have created a perfect storm, with the health impacts of high temperatures falling disproportionately on older people. That fact has resulted in a wave of life insurance claims over heat-related deaths, and increased demand for private medical services, at a time when rising temperatures have not yet been fully reflected in original contracts.