Global reinsurance broker Guy Carpenter, a Marsh business, says the latest wave of wildfires across southern Europe highlights how wildfire risk is becoming a broader resilience challenge, with the economic consequences increasingly extending beyond direct property damage. Julian Enoizi, CEO of Europe at Guy Carpenter, commented: “The current fires reinforce two important trends. Guy Carpenter said these secondary impacts can affect businesses even where buildings are not directly damaged. In Spain, Guy Carpenter noted that the wildfire-related property damage is covered by private insurers rather than the Consorcio de Compensación de Seguros. From a reinsurance perspective, Guy Carpenter said wildfire losses involving property damage and fire coverage would generally fall within relevant property damage or natural catastrophe treaties.