Model Skepticism
There is an "expectations gap" between risk science and what the market and insureds are will to accept.
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After The Wildfires, The Insurance Payout May Become The Problem
Don't think defaults after the LA wildfires. Think mortgage prepayment risk.

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Examining proposed reforms to FEMA’s Disaster Relief Fund under the incoming Trump administration and exploring potential budgetary shifts.
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FEMA faces a challenge to its future on another front.