LONDON/MILAN – For more than a century, cafes in the Italian city of Padua have welcomed customers for an early evening drink, or aperitivo, encouraging them to sit outside and socialize before dinner.

As Europe bakes under its fifth heat wave of the year, the traditional 6 p.m. to 7 p.m. slot has all but disappeared as people seek air-conditioning indoors, cutting sales for many hospitality businesses.

Adding to the pressure, extreme heat often falls outside traditional business interruption insurance, exposing a growing protection gap for companies across Europe.