欧洲热浪暴露保险缺口：企业损失如何进入定价
本站导读
来源材料关注欧洲热浪下企业损失与保险覆盖不足。
热浪风险不仅是财产损失，还包括停工、生产率、能源需求和供应链中断。
核心事实摘要
欧洲多地热浪增加企业营业中断和劳动生产率损失。
部分损失不在传统财产险或营业中断保险的承保范围内。
保险与再保险机构面临风险模型、定价和保障可得性挑战。
本节依据来源报道整理，不代表本站参与原始采访；涉及疗效、政策或市场结论的内容仍需回到一手材料核验。
来源材料
Europe's heatwaves expose insurance gap as business losses mount
Summary
Companies
Heat not covered in most business interruption insurance
Can hit workers' productivity, compound with other risks
Parametric insurance seen as part of the solution
LONDON/MILAN, Aug 16 (Reuters) - For more than a century, cafes in the Italian city of Padua have welcomed customers for an early evening drink, or aperitivo, encouraging them to sit outside and socialise before dinner.
As Europe bakes under its fifth heatwave of the year, the traditional 6-7 p.m. slot has all but disappeared as people seek air-conditioning indoors, cutting sales for many hospitality businesses.
Adding to the pressure, extreme heat often falls outside traditional business interruption insurance, exposing a growing protection gap for companies across Europe.
Moody's has published estimates that last summer's European heatwaves cost €43 billion ($50 billion) in lost economic output while generating only about €500 million of insured payouts.
In Padua, aperitivo often now starts later, "which means that the outdoor seating areas, the terraces, the spaces outside ... are left unused and empty," said Federica Luni, president of hospitality association APPE Padova.
According to a survey of about 600 hospitality businesses in the city and its province, more than 80% reported turnover declines of around 20% during the recent heatwave.
"A 20% decline wipes out your margin," Luni said.
Heatwaves are increasingly taking a toll on Europe's economy, reducing productivity, curbing consumer spending and raising operating costs. For insurers, such losses can be difficult to cover because they often stem from indirect operational disruption rather than property damage.
"Heat in itself is not a traditionally insured risk," said Swenja Surminski, managing director for climate and sustainability at Marsh.
"Extreme heat rarely causes catastrophic physical damage the way a flood or a storm does, but the financial operational disruption that it triggers can be just as severe."
A 2023 survey of 9,000 small and medium-sized firms for Europe's insurance regulator found 28% held business interruption cover as part of their property insurance, while 17% had non-damage business interruption protection covering events such as strike action.
The protection gap is widening as the economic costs of extreme heat mount. Trains are delayed, agricultural yields fall and factory cooling costs rise, while workers often struggle to maintain productivity during prolonged spells of extreme temperatures.
Companies that flagged a hit from hot weather or warned about its potential future impact when reporting second-quarter earnings included Swedish shop-fitting provider ITAB Group, Italian cement producer Buzzi and French payments firm Worldline.
COMPOUND RISK
Heat often acts as a compound risk, interacting with drought, wildfire and water shortages rather than triggering a single identifiable loss event. That makes it harder to model and insure than some other natural catastrophes.
The challenge is particularly acute in Europe, the fastest-warming continent. Reuters Climate Monitor showed the average temperature across Western Europe was nearly 10 degrees Celsius (18 degrees Fahrenheit) above the 1961 to 1990 average on August 11.
Data compiled by environmental disclosure platform CDP showed 35% of companies it tracks identified heatwaves as a risk driver, led by businesses in manufacturing, services, infrastructure and food-related sectors.
While insurance may cover some physical losses linked to events such as power outages, businesses often say compensation does little to offset lost sales and reduced customer activity.
"The real loss is the revenue you don't make and the business activity that never takes place because of the outage," Luni said.
To bridge the gap, insurers are increasingly exploring parametric products that pay out automatically when temperatures exceed predefined thresholds. Unlike traditional indemnity-based insurance, such policies do not require a lengthy loss-adjustment process.
The European market for parametric insurance is expected to reach $7.93 billion by 2031, according to a report by KBV Research, with compound annual growth of 9.5% between 2025 and 2032.
Such policies are already being used in agriculture, where heat can reduce crop yields or livestock productivity, and industry experts see scope for expansion into sectors including transport and workforce protection.
"Parametric insurance can really play a role," said Aidan Kerr, head of UK and Ireland public sector solutions at Swiss Re.
Even so, many companies will need to focus primarily on adapting their operations to withstand more frequent periods of extreme heat through measures such as investing in cooling technologies, redesigning workplaces and stress-testing supply chains, Marsh's Surminski said.
"Take action to avoid the losses rather than address them once they've occurred."
($1 = 0.8645 euros)
Reporting by Simon Jessop. Editing by Mark Potter
ZHECR分析
核心判断
热浪损失往往没有单一物理损毁触发，却会通过停工、设备降效、能源成本和需求变化影响现金流，传统保单可能无法覆盖。
证据与数据口径
应区分经济损失、已保险损失、参数型产品赔付和企业自留风险，并核对损失期间、免赔额和承保除外。
传导路径
高温降低劳动生产率并增加制冷和电力需求。
企业营业中断和供应链延误影响收入与库存。
赔付经验和模型更新会传导至保费、承保容量和再保险成本。
市场已计价与可能忽略的变量
市场可能关注极端天气新闻，容易忽略非物理损失口径、保障缺口和长期适应资本开支。
情景分析
基准：保费和条款逐步调整，企业增加自留风险和适应投资。
乐观：参数型产品和风险减缓有效扩大保障，损失可管理。
谨慎：极端热浪频率上升，承保容量收缩并推高企业成本。
后续跟踪
经济损失与保险损失比例
营业中断和参数型产品条款
再保险价格与承保容量
劳动生产率和能源需求
企业气候适应资本开支
风险与不确定性
灾害损失数据会持续修订，保险条款和区域暴露差异很大。本站整理不构成保险建议或投资建议。
相关站内阅读
来源与核验
来源名称：Reuters
原文标题：Europe's heatwaves expose insurance gap as business losses mount。
原始发布时间：August 16, 2026 1:06 PM GMT+8
数据来源：Reuters
核验日期：August 16, 2026 1:06 PM GMT+8