ZURICH, July 28 (Reuters) – The ongoing wildfires in France and Spain are likely to increase insurance demand, Swiss Re said on Tuesday.
Wildfire losses are generally not covered by national insurance pools in southern Europe, meaning homeowners have to opt for private insurance themselves, Swiss Re’s Head of Catastrophe Perils Balz Grollimund said, adding protection gaps vary widely.
• Globally, wildfire insured losses have grown by around 12% annually in real terms since 1970, faster than any other major weather peril, Grollimund said.
• With climate change, wildfire-conducive conditions are now becoming even more frequent especially in southwestern Europe, he said, making risk assessments of European wildfires increasingly important.
• It is still too early to estimate losses and any potential impact on Swiss Re.
(Reporting by Marleen Kaesebier in Zurich; Editing by Aurora Ellis)
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