{
  "id": 256421,
  "title": "Europe’s wildfire ‘protection gap’ is growing, insurers warn",
  "url": "https://urgent.news/2026/08/07/europes-wildfire-protection-gap-is-growing-insurers-warn",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-07T07:52:04.000Z",
  "source": {
    "name": "CNBC World",
    "slug": "cnbc-world",
    "url": "https://www.cnbc.com/2026/08/07/wildfires-insurance-cover-zurich-allianz-munich.html"
  },
  "original_language": "en",
  "account": "As Europe grapples with increasingly common wildfires, heatwaves, and extreme weather, insurers are sounding the alarm on a growing \"protection gap.\" The region has seen a massive blaze in France and Spain, as well as a catastrophic wildfire fueled by 100 mph winds in Greece, accompanied by sweltering heatwaves that have prompted red alerts and drought warnings. Insurers contend that the financial impact of these disasters is far outpacing the insurance coverage available in Europe. Zurich Insurance Group's CEO Mario Greco contends that while all weather risks are insurable, the costs have become prohibitively high due to a lack of systemic intervention. Greco called for governments to take proactive measures to mitigate these risks. Insurance payouts for wildfires have surged six-fold in the 2010s, reaching $56.3 billion, compared to $8.7 billion in the 2000s. The sectors most affected include utilities, real estate, construction, agriculture, and transportation. The Los Angeles wildfires of January 2024, for instance, caused a combined $1.9 billion in insured losses. Swiss Re Institute estimates that the combined cost of wildfires and heatwaves in Europe, as of the end of July, reached €3.1 billion ($3.5 billion), with the five Eurozone countries most at risk—Greece, Spain, Portugal, and Romania—accounting for a significant portion of that total. Zurich Insurance's Greco emphasized the need for countries and local authorities to accept responsibility for risk assessment, mitigation, and pricing to ensure insurance can cover the residual risk.",
  "summary": "Europe is facing a growing \"protection gap\" in the wake of increasing wildfires, heatwaves, and extreme weather events, according to insurers. The region has seen a surge in disaster recovery costs, which are outpacing insurance coverage, leaving a substantial share of financial damage uninsured. Insurers warn that without systemic intervention, countries and local jurisdictions may not be adequately prepared to deal with the risks of wildfires and weather disasters. The financial impact of these events is significant, with insurance companies paying out $56.3 billion in losses for wildfires in the 2010s, six times more than the $8.7 billion paid in the 2000s. The sectors hardest hit include utility and energy, real estate, construction, agriculture, and transportation. The devastating Los Angeles wildfires in January last year highlighted the destruction of assets of some of America's wealthiest residents, costing insurance firms Munich Re and Hannover Re a combined $1.9 billion in the first quarter of 2025.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}