Europeans are among the least insured against certain types of extreme weather and other natural disasters in the developed world, a predicament made more worrisome as the continent suffers a summer of devastating heat, wildfires and drought.
In recent months, wildfires have destroyed property in Greece, a lack of rainfall has ravaged tomato and strawberry production in Spain, and low water levels have disrupted shipping along the Rhine, one of the continent’s largest shipping arteries. The damage is taking a toll, as almost 90% of the natural disaster-driven losses in the first half of this year weren’t covered by insurance, according to Munich Re, one of the world’s largest reinsurers.
