Heat waves expose insurance gap as European business losses mount

AI Summary

European heat waves last summer caused an estimated €43 billion in lost economic output, while insurance payouts covered only about €500 million. This exposes a significant insurance gap for businesses affected by climate-related events in Europe.

Moody's estimates that last summer's European heat waves cost €43 billion ‌in lost ‌economic output while generating only about €500 million of insured payouts.