Europe’s insurers are bracing for a new era of catastrophe risk fanned by rising temperatures in the world’s fastest-warming continent.
Insurers, reinsurers and brokers who were?contacted said they are already predicting increased premiums and bigger losses tied to natural catastrophes. Importantly, they don’t see the latest bouts of extreme heat as a temporary shock, but as a long-term trend.
The industry is “actively evaluating” the extent to which the rise in temperatures “represents a fundamental shift in Europe’s catastrophe risk landscape,” said Will Bruce, global head of climate risk consulting for Aon PLC, the world’s second-largest insurance broker.
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