More recently, Greece saw a wildfire outbreak worsened by 100 km per hour winds. Some of Europe's biggest insurance companies told CNBC this week that the region isn't adequately prepared to deal with the risks of wildfires and weather disasters, leaving a substantial share of financial damage uninsured. Zurich Insurance Group's CEO Mario Greco said all weather risks are insurable, but it is becoming increasingly expensive to deal with the costs. According to the Swiss Re Institute, the LA wildfires were the costliest wildfire event globally, amounting to insured losses of $40 billion and driving total natural catastrophe insured losses for 2025 up to an expected $107 billion. "There is still a protection gap, particularly in Europe, which means there's a lot of wealth here, but it's not protected through insurance.