As Europe comes to grips with its fifth heat wave of the year, the research arm of Swiss Re AG is warning of far-reaching consequences. “Record heat underscores Europe’s chronic heat risk,” the authors of the Swiss Re Institute report said on Tuesday. Only about 20% of European households have air conditioning, for example, compared with 76% in North America, Swiss Re Institute notes. Though Europe’s wildfire risk “is still considered moderate, the increase in fire activity warrants closer attention,” Swiss Re Institute said. Europe’s “extensive wildland–urban interface zones mean that a severe fire near densely populated areas could still generate substantial economic losses,” Swiss Re Institute said.