Pakistan, Aug. 16 -- Europe's fifth heatwave of the year is disrupting businesses, reducing customer spending and exposing companies to major losses that traditional insurance often does not cover.

In Italy's Padua, hospitality businesses have seen evening outdoor activity decline as customers avoid high temperatures and move indoors, hurting sales during the traditional aperitivo hours.

A survey of around 600 hospitality businesses in Padua and its province found more than 80% reported turnover declines of about 20% during the recent heatwave.

The wider economic impact is also significant, with estimates showing European heatwaves last summer caused €43 billion in lost economic output but generated only around €500 million...