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European wildfires face ‘major insurance gap’: Swiss Re

Swiss reinsurance giant Swiss Re cannot quantify the economic damage caused by the severe forest fires that have ravaged several European countries. However, the company expects that these events will not have a material impact on its financial results, not least because a significant proportion of the damage is uninsured. + How to prevent wildfires in Switzerland and Europe During the press conference on the half-yearly results, chief financial officer Anders Malmström said that there is a significant insurance gap in Europe with regard to the fires. As wildfires, exacerbated by increasingly frequent heatwaves, represent a trend set to continue, the reinsurance company intends to raise awareness amongst the various stakeholder groups. CEO Andreas Berger added that it is often mistakenly believed that fires are covered by national natural perils pools. In reality, particularly in southern Europe, damage caused by forest fires is generally excluded, forcing property owners to take ... Full story here Are you the author?
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