The summer 2026 wildfires in France have exposed a critical gap in the insurance system, as they are not covered under the CatNat regime, which typically handles large-scale natural disasters. While insurance generally covers material damage, it does not currently include losses of business activity, leaving approximately 15,000 businesses in the Gironde region without compensation for lost revenue. This situation has raised concerns about rising insurance premiums, reduced coverage, and the potential withdrawal of coverage for certain risks. The only proposed solution is adaptation to climate risks. Bénédicte Baggio, co-owner of a tobacco shop in Lège-Cap-Ferret, was not directly affected by the fires, but her business was located in an evacuation zone, making it inaccessible and causing a third of her annual revenue to be lost. Her experience is not unique; the fires in Saumos covered 42,000 hectares and led to 220,000 evacuations. According to the Chamber of Commerce and Industry (CCI) of Gironde, about 14,500 businesses were shut down, many without direct material damage. This highlights the growing problem of indirect losses, such as business interruption and lost customers, which are not typically covered by standard insurance policies unless explicitly included. A major flaw in the insurance system is that it primarily covers physical damage, while climate-related disasters also cause indirect losses such as lost goods, restart costs, and lost customers. These losses are only covered if explicitly included in the insurance contract. Businesses closed by a prefectural decision may suffer significant economic losses without any indemnification. Despite this, the French insurance regime is considered one of the most protective in the world, with the CatNat guarantee providing national mutualization of damages since 1982. However, not all perils are covered under this regime, and others depend on private contracts and insurers. The costs of natural disasters are rising rapidly. In 2025, hail alone cost 2.2 billion euros to French insurers, compared to 1.6 billion for all perils covered under the CatNat regime. According to Swiss Re, the cost of fire indemnifications is increasing the fastest globally, at about 12% per year. The fires of summer 2026 are outside the CatNat regime, meaning the risk falls on private insurers. For example, a tourist business evacuated due to fire might suffer economic losses that are only partially covered by insurance, with the rest falling on the business itself. The European Insurance and Occupational Pensions Authority (EIOPA) warns of an "illusion of insurance," highlighting the gap between the protection people believe they have and what they actually receive after a claim. In Europe, only a quarter of losses from extreme events have been insured between 1980 and 2024. Less than 10% of private French forests are insured, underscoring the limitations of current coverage. The insurance industry is already under strain. On the property damage branch for individuals, the combined ratio, which compares claims and expenses to premiums, was 106.7% in 2023 and exceeded 137% after reinsurance for natural disasters alone. When a branch becomes unprofitable, insurers have three options: increase premiums, reduce coverage, or stop covering certain risks. For the insured, these choices mean increased risk on their balance sheets. The focus is shifting from "How to insure more?" to "How to have less risk to insure?" This requires adaptation and a better understanding of the true cost of climate risks to businesses. The first step is to quantify the cost of inaction by translating climate risks into financial terms. The second step is to isolate the net risk, considering what is actually covered by insurance. The third step is to reduce this risk through measures such as early warning systems, continuity plans, and physical investments. Insurance should serve as a tool for transferring risk after prevention and adaptation. Public action, such as infrastructure improvements and urban planning, can reduce the risk that individuals must finance individually. Collective adaptation makes individual adaptation economically sustainable. However, current efforts to reduce risk are limited, as the Major Natural Risks Prevention Fund is capped at 300 million euros annually, while billions are spent on indemnification. A bill proposed by deputy Fabrice Barusseau, adopted in April 2026, challenges the systematic reconstruction of buildings to the original design, which is seen as financing future disasters. Bénédicte Baggio will reopen her tobacco shop, but reducing her dependence on insurance will require actions such as securing her cold chain and preparing a backup site. The actions of her commune and the state will determine how many others can do the same. However, today, businesses that reduce their risk rarely see a decrease in premiums or insurer support. Recognizing adaptation is putting the measure of risk to the service of its reduction. If insurers can identify the risks they can no longer bear, they must also recognize those that adaptation makes insurable again.