Severe heat in Europe increases business losses and reveals problems in the insurance market. This was reported by Qazaqyia.kz citing Reuters.
Heatwaves have hit many regions of Europe, causing significant damage to businesses. However, insurance companies are not ready to cover such climate risks, leaving business owners in a difficult position.
According to experts, due to climate change, heatwaves will become more frequent and intense, so the insurance market must adapt to new conditions. This issue is especially relevant for small and medium-sized businesses, as their losses are not covered by insurance payments.
According to Reuters, business losses have increased significantly due to the heat in Europe. This situation shows the need for reforms in the insurance industry.