The Canaries are a Spanish territory and, as such, are also part of the European Union. That means they're typically classed as part of Europe (rather than 'Worldwide') by insurers when giving you a quote for cover.
Why is the Canary Islands not in the EU?
While the Canary Island are a part of Spain, and indeed controlled by the Spanish central government, we also have our own political management as well. The Canary Islands, including Fuerteventura, are politically within the European Union, however, they are outside the European Union customs territory and VAT area.
What country is now leaving the EU?
The UK is the only sovereign country to have left the EU. The UK had been a member state of the EU or its predecessor, the European Communities (EC), since 1 January 1973. Following Brexit, EU law and the Court of Justice of the European Union no longer have primacy over British laws.