Wildfires Are Ravaging Europe. Insurers Are Warning Of A Rising 'Protection Gap'

Residents look at the sky illuminated by wildfires in Le Porge, south-western France early on July 23, 2026. (Credit: Getty Images)

With wildfires ravaging France and Spain, insurers are warning that the costs of such disasters are increasingly outpacing insurance coverage.

CNBC reported that Swiss Re's Chief Financial Officer Anders Malmström warned of the growing "protection gap." Malmström said that, in terms of natural disasters, Europe lags behind in protecting itself when compared to the U.S. or Australia.