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

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.