He says: “Most investors still think of catastrophe bonds as something insurers deal with, not something that belongs in a serious portfolio. “Standalone wildfire bonds, once considered too specialised to trade on their own, are becoming genuinely investable instruments in their own right. He argues the improving quality of wildfire risk modelling is the real story behind this year’s surge in issuance. “Europe is the fastest-warming continent on Earth and wildfire risk there is only heading in one direction,” he notes. Once European wildfire modelling matures to the standard investors expect, capital will follow, the same way it did in California.”