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Extreme heat costs agriculture and construction, billions in damages not covered by insurance

2024-07-18 13:22:22Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Extreme heat costs agriculture and construction, billions in damages not covered

Extreme heat waves, which are becoming more frequent due to global warming, are causing billions in damages that insurance companies are unable to cover. Extreme heat waves plaguing millions of Americans can warp roofs, shrivel crops, destroy road networks and disrupt power supplies. Much of this damage is hard to measure and not covered by insurance, prompting cities, regulators and companies to sound the alarm about the rising costs of climate change. US government data confirms that heat waves have become more intense, longer and three times more frequent than 60 years ago.

This trend is expected to continue as climate change makes more areas vulnerable to the record temperatures recorded in recent weeks. Standard insurance policies are designed for sudden and accidental damage, such as that caused by fire, storms and theft, and often do not cover the effects of extreme heat, which can be gradual and have effects that are more severe. to be discovered. Standard insurance policies are designed for sudden and accidental damage and do not cover the effects of extreme heat.

The U.S. agriculture and construction industries alone lose about $100 billion in output annually to extreme heat, according to a March report from insurer Aon. Injuries suffered by construction workers, for example, are 20% more likely when the temperature rises above 35 degrees Celsius than on colder days, the Workers' Compensation Research Institute found. Heat can also reduce crop quality and volume. The federal insurance program covers heat damage for some crops, but excludes some fruits and vegetables.

The construction industry is also being hit hard by heat waves, which can cause machinery to malfunction and force workers to take more vacations. A study of seven consecutive heat waves in California estimated that they cost the industry more than $700 million, with companies often finding they have few ways to recover from such losses.

Heat damage can lead to significant losses for the insurance industry.


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