Evolving natural disaster risk reveals a less obvious yet far-reaching consequence for insurers: Traditional methods of managing risk concentration can't keep up with a constantly changing risk landscape. (Credit: BuildingMetrix)
The 2018 Camp Fire in Northern California left behind devastation in many forms: burned-out businesses, incinerated homes, charred cars. In total, the fire destroyed nearly 19,000 structures and claimed the lives of 85 people. The blaze also caused another casualty: A regional insurer was forced into liquidation in part because it had taken on too much risk in areas affected by the fire.
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