In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Marcos Alvarez, Managing Director, Global Financial Institution Ratings, and Christian Aufsatz, Managing Director, European Structured Finance Ratings, to discuss the potential impact of wildfires on European securitisations, with a particular focus on insurance, residential mortgage-backed securities (RMBS), and the growing importance of physical climate risk.
The effects of wildfires can extend beyond the environmental and into structured finance through property damage, insurance claims, disruption to local economies, and pressure on household finances and borrower performance.
The topic has become increasingly relevant as Europe experiences more frequent periods of extreme heat and drought. After one of the most severe wildfire years on record in 2025, 2026 has seen several heat waves and significant wildfire activity across the continent. In August, major fires in France and Spain made headlines because of their proximity to large urban areas, including Bordeaux and Madrid.
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