EIOPA names extreme heat as the key climate-related risk for life and health insurers and pension providers
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An EIOPA report identifies heatwaves as the main climate-related liability risk for life and health insurers and occupational pension providers. The current financial impact is limited but is expected to grow in the coming decades.
Key points
- Heatwaves have caused around 300,000 deaths in Europe since 2000, 97% of those linked to climate events
- They affect mortality, morbidity and longevity assumptions
- Most exposed lines: medical expense, income protection, workers' compensation and similar-to-life health
- EIOPA asks firms to include these risks in their climate risk assessments
Who is affected
Life and health insurers, reinsurers and occupational pension funds
Plain-language version
A report by EIOPA, the EU watchdog for insurers and pension plans, names heatwaves as the biggest climate risk for life and health insurance and workplace pension funds. They have caused around 300,000 deaths in Europe since 2000 and change the maths on how many people get ill or die. The financial impact is limited for now, but it will grow.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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