AssetID: 56070760
Headline: UNCAPTIONED: EU Insurance Watchdog Warns Extreme Heat Is Growing Financial Risk
Caption: EU Insurance Watchdog Warns Extreme Heat Is Growing Financial Risk. Europe’s insurance and pensions watchdog has warned that extreme heat is becoming a growing financial risk for the insurance industry and pension providers. The European Insurance and Occupational Pensions Authority (EIOPA) said rising temperatures could affect sectors including medical expense and workers’ compensation insurance. The regulator identified extreme heat as the leading climate-related liability risk for life and health insurers and occupational pension providers. Heatwaves are already the deadliest climate-related hazard in Europe, accounting for around 300,000 deaths across the continent since 2000, according to EIOPA. The authority expects heatwaves to become more frequent, intense and prolonged in the coming decades, potentially increasing mortality and health-related claims. Other climate-related changes, including more frequent wildfires and the spread of diseases such as dengue and malaria, could also affect insurers and pension providers. EIOPA said the financial impact remains limited for now, because of public healthcare systems and insurers’ diversification, but warned that the risks are expected to become more significant. The watchdog is urging insurers to incorporate these emerging risks into their climate assessments as Europe faces increasingly severe climate-related hazards. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Insurance Watchdog,European Union,extreme heat,wildfires,pensions,compensation,medical,financial,bills,providers,climate emergency,crisis,risks,heatwaves
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