Europe’s worst wildfire season exposes widening climate insurance gaps

Europe is facing one of its most severe wildfire seasons in recent years, with parts of France, Spain and Greece hit by major blazes and about 220,000 people evacuated in France. France’s total losses are estimated at €10 billion to €15 billion, with insured losses in the several-billion-euro range, according to credit ratings agency Morningstar DBRS. The scale of the damage is highlighting how climate-related catastrophes are straining traditional insurance systems, without pointing to any specific listed companies or tradable traditional assets.