In 2022 the average summer temperature over Europe was the highest on record by a substantial margin. The continent's diverse topography is exposed to increasingly frequent weather events including flooding, wildfires, droughts and storms.
European economic losses from extreme weather events between 1980 - 2020 reached around half a trillion euros; of which only 23% was insured, according to the European Environment Agency (EEA).
Rising temperatures bring rising costs to businesses, individuals and entire industries. Extreme urban temperatures and poor snow forecasts are just two of the challenges faced by the tourism sector while soil erosion and lengthy heat waves similarly impact Europe's agriculture. Damage to domestic and commercial property as a result of fire or flood is also on the rise.
Yokahu, founded in London, is ideally situated and licensed to design parametric insurance products with partners across Europe. Our policies are underwritten by Lloyds of London, the world's specialist insurance and reinsurance market, and we partner with the University of East Anglia on climate research, one of the world's leading environmental research universities. Our network and our in-house team of data specialists give Yokahu the capacity to create innovative insurance policies that respond to Europe's changing climate risk.