a lease, i'm on the new host of the last, not that much of join us for an exciting explanation of everything in between moses a video and audio production d w. i. who did you, what you need to talk is changing. 6 years ago. we said it can't get any was to, but it does guardians of truth. this time excel gen, this turned into our meets the voices of the 3 turkey officer. as the ad one had to flee into exile too. i knew the police would search my house courageous people are trying to stem the turkish governments all sort. tammy calls us to do this again, but really it's a crime is addressed and the path of trying to takes responsibility for his action

. what about freedom of to print and freedom of expression? got ease of truth dot march 2nd on the w, the, [000:00:00;00] the, in the old days say pre 19 ninety's, the capital was king, or queen. you called the shots. now capital is a burden. i estimate that globally is roughly $10.00 to

$20.00 trillion dollars an excess capital that has no useful home no place to go it's, it's just roaming the world searching for a use for those who possess that capital it's, it's a little bit of a nightmare. so it can kind of make up, it's from opportunities or it can allow crazy financial opportunities to rise solely to put that money to work. the, there is a, was made up of numbers, a world where you have to be the smartest or the fastest. a was

connected by radio waves and fiber optic tables. a world where you can make money if you think you know what the future the a well the fee is just the way you can when i call this world plenty to finance wandering around planet finance. i arrive at a place where they really loves here they speculate on the chance of a wildfire flood or other catastrophe happening. you want to try go from there. was this man lives of disasters. i married while i was in college and i started my family while i was doing my ph. d.

my, my 1st child, he costs the insurance company, half a $1000000.00 being born prematurely. and so the person that the insurance company told me, your next child won't be covered. oh god, someone westbridge to me and they said, hey, go to wall street. so you know a lot of math. they'll give you health care just for solving one equation. ok. so in the 1st interview, the person comes in a set, john does money motivate you and he went on and on to a $10.00 or 15 minutes page that culminated almost to do. you worship at the altar of money. does money mean more to you than anything else on the planet, etc. that has as i have as a very long speech. so i waited for him to finish and i said, no,

he doesn't. why are you here? is oh, i just need health insurance. and i'll do anything you asked me to do. that was my start. and that led directly and eventually to my getting a phone call from lehman brothers one day for catastrophe bonds and said, i'll go okay, so i have no experience in that. and he said, that's the great thing. nobody does the one planet finance. there was a market for navy. interesting. even for a future disaster, a disaster that hasn't happened yet. a disaster that might never happen. there are people who spend the time calculating the minimum chance of such

a disaster happening and above all the extent of the damage. what is a crisis or a catastrophe or a hurricane? what happens is it causes chaos and chaos as the breakdown of typical systems. and this feeling of you normally walk around, you know, like i know the subway is going to come at this time. i know that i have to go to work at 9. i have to to me by 5 and go to the grocery store and then a crisis hits, and none of that is known anymore. suddenly it's all in the world of unknown. to show you how such a chaotic situation can give rise to a market. i will take you back to

a dock or 2 night the hurricane sandy reaches the shores of a state of emergency is declared at full traffic, comes to a standstill. the south part of manhattan is flooded. the power goes out the next morning, the extent of the damage becomes clear and even wall street is forced to close trading for 2 days. rarity, the last time that happened was after $911.00. the after math is a process of how do you go from k us back to understanding or back to some sort of stability. it's not going to be the same as it was before, but hopefully a little bit more stable than then. then at the moment of chaos, the storm leaves new york with $43.00 dead and billions of dollars of damage. the

flooded tunnels are the greatest exhausted ever happened to the cities public transportation system. so how do you make a business out of that? what, what is the business? well, the business is being able to predict that risk and price it. how can anyone make money out of it is almost a disaster. it only seems to leave the leaves. it's in its wake the, the tunnel filled with water for about 2 thirds of its length. we estimate there were about 60000000 gallons of salt water entered the tunnel. the think it was about

a week of solid pumping just of just the pump. the water out of that was before we started doing any repairs or cleaning or anything, i don't think anybody, anybody knew what the intensity of it was going to be when it actually came. and we weren't. we're really prepared for it. i guess. today, new york is prepared to be able to pay for the damage when the next hurricane happens, a former banker has found the solution she spent to years on wall street and now works for the transportation authority of new york for the uninsurable damage. she goes to planning to finance for help or hear about tara gains in the caribbean. we know about damage in florida occasionally, and we never thought that it was the computer, but it did of course our system was devastated. the inside of our tunnels have

a lot of electrical equipment that was all through in the, our damages where like in about $800000000.00 range. i think we were only able to get about 500000000. give us a in coverage and the premium double and actually more than doubled. so we were concerned that we were not able to get enough coverage. that's when we started working on our 1st good bunk transaction. let's explain that one fast cap bond is short for catastrophe bond. as a bone does nothing more than a loan that has to be paid back for a specified date island. you a sum of money, you pay me interest. and at the end of the time,

you pay me back the borrowed amount, but a cat phone and it goes further than that if a disaster, because before the end of the large time, the money lend loses the entire sum, which is then used to compensate for the damage and save new york if it's exactly like insurance, right? insurance, collect to bring that well, everything's okay. it's supposed to pay you when you have pain and loss. so now you, you pay interest on a capital and instead of an insurance premium. and if you want to buy a car and you go to jones, so describe the deal in a fairly quickly got to the size, but say nothing. just 500000000 in a years ago. john couldn't get health insurance when his wife was expecting a 2nd baby. now he owns a hedge funds specialized in cat funds. even the hedge fund there is losing, leaving for the base points on the table, right?

as wide excite cuz we're not cat phones that should cover the damage of future disasters. reasoning is that there are all these opportunities and you just have to give examples like i gave them right to. to get in on the game, you need at least 100000000 euros. hold on a 2nd. this is a 1000000000 and a half commercial mortgage. that's backed by the cloud 11 building itself complex and they've got the complex itself is not insured against earthquake parking lot or all these catalogs, they're not even cat funds to cover the damage of solar stones and meteorite impacts. so this is our main room with 31 people and we invest in bonds. now bonds are usually very simple. these bonds are called catastrophe, bonds, meaning earthquakes, hurricanes floods. we lose money when they occur. so we're not profiting off of destruction. we're insuring destruction. that is otherwise too large for

traditional insurance companies to handle comfortably. so there's a lot of computation that's involved in this this. so the room is the heart. if the company, the computers link the widest range of datasets together and continuously calculate the probability of a future disaster happening, plus the damage is, might cause its setup so that my older brother who used to sit right over there can actually see all the status lights from his desk, though to it turns out running a server room is very complex because he have software to see a software is broken. but then you need software to look at that software to see if it's broken. and usually that the whole chain doesn't work all the time. so the best indicator of failure is actually a red light. so you want to be able to stand up and see the red lights,

the investors around the world are looking for something new to invest their money in. and then they find us once they find us and allow us to invest their money, then then the really the rest is relatively easy. oh, hello. right. 3 on not $10.00 to $20.00 trillion dollars of capital roaming, the world is urgent care and for returns. our clients, a wonderful day, they come from every continent, from every investor class in the world. so it's everything from giant national pension funds, corporate pension funds, solver and wealth funds, insurance companies, banks, endowments charities, and haven't wealthy individuals. what would happen if the traditional phones

witness high yields and how would it affect the campus? you know, our, our market is the interest rates on other funds go up as they do today. the interest rates on cap funds automatically go up as well. so the returns remain high, you know, in this sense capacity bonds are the only thing left over to absorb that as the extra risk. the demand for cyber risk coverage is going to explode over the next year. jones, those clients invest millions in his hedge funds. and throughout the time, if the cat fund, they receive an attractive interest rate in return. but 1st, the conditions under which they can lose their money. a precisely defined there are so called triggers, so that what's the minimum damage should be off for a wildfire, or what the minimum water level should be during

a slot. the trigger was created specifically for our area. basically the modeling firm do the analysis where potential storms can come from. and then the last about 100 years of data. they model 100000 store rooms based on all this data available historically. and basically they're continuously measuring what a level of the triggers are in, in the area a, the tree, good level. if they have what i see, it's 7.75 feet or in the area of the heats 12.75 feet above and of a t, then transaction triggers. another condition for the transaction to trigger is the there's got to be a named story. every new hurricane season, the 1st tropical storm gets a name starting with the left to a until the end of the alphabet is reached. on a bill product, donnie,

many named storms have swept across new york since the war to never reached as high as it did during sandy. it actually never triggered, so, so far this just didn't lose any my on us. we hope it's going to happen at some point and i'm joking. but um yeah, so, so far so good. um, so far it hasn't triggered we didn't have enough to stand so this kept on, there is no totally a solution for new york. but planet finance is happy as well. in a typical win win situation. the catastrophe is really up because it's so simple. there was no complexity for the investors. you know, when you, when you set a high watermark there and you tell very clearly to the organization. if the water comes to 8 feet, not 8 and a half feet,

then we have no insurance. the in the engineers know how high to make the sand bags to design all the flood barriers for all the entrances to say. one of the, the mitigation measures that we put into place after sandy was this right here. these are steel hens floodgates. each of these dates weighs approximately, um, more than 40000 pounds. so approximately 20000 kilograms. this what day seems to be the, the best combination of cost screens as long as we maintain them and replace the gaskets. these are the last for 7500 years. john job is to make sure that even if there is a big storm, there is no damage our thing. so my job is to make sure

that there is damage. we have minus a fixed right. investors who invest in cash bonds and just use they're investing in this kind of risk. that's what they do. and to be honest, because it's such a risk, the assets, right, they enjoy much higher interest rates that are currently available on either as you know, they will invest a little bit them th deadline, and then the earthquake and mexican and the little bit and jump in use, i think as long, and this is how they diversify that portfolio. thinks the so there is a market for disasters or around the world, each with its own risk and therefore its own price. managing capacity risk is very, very particular. and this was originally, it was a lot drove my perceptions, the opportunity here, the opportunity,

not just for profit, but actually create a whole nother industry that never existed before. it was driven by the fact that traditional finance actually is very uncomfortable dealing with catastrophe, risk and effectively sweeps it under the rug, right? they want to think about the opposite, which is, you know, the winning lottery tickets hitting it big, you know, big upside down wants to think about downside. so the very 1st task i set myself to, even before i went to lehman brothers, to manage a catastrophe. trading group was to actually redevelop all the math, maddox, outside of the military. so there it is. a gruff in the shape of a church bell. traditional banks and insurance companies use the bulk of to calculate coverage. in the middle, you see what is most likely to happen. for instance, the chance of people paying off the mortgage,

the sides of the cub show you the chance of what is less likely to happen. like mortgage is that on paid off due to unemployment or illness to the business model of planet finance is built on the most likely risks not on the so called tail risk. that's where it becomes much harder to make precise predictions. because what are the chances of an airplane flying into the world trade center or of us unami, crushing straight into a nuclear power plant? these are the unexpected events, the traditional part of planet finance isn't prepared for, but you on so lives of these fickle chances. the reason why they're stuck on the framework is because they don't have anything else and it terrifies them. because if you can't rely on that, there is actually no academic framework for dealing with systemic capacity risk. because if you don't have that framework,

then you can only deal with emotion are relying on old fashioned techniques that are, that are no, not to worry at. and you need to break with that. if you're going to survive in the catastrophe. bon arena. so jones, those algorithms can be used to calculate the chance of a dissolves to happen to me, human behavior seems much harder to capture in an algorithm. individuals are too wild in what and non uniforms to be conquered with simple math, maddox to show you how those planet finance algorithms affect the planet to buy travel to the village of funny do a close knit community on the american west coast. a place where the thrust of wild fires looms every long,

dry summer. all right. all right, here's the visa for a few minutes. all right, i'll be around. the community has a vintage elda, who lives of the wood from the forest. johnny did you see there's 3 there in the archers, his wife, who grows flowers for weddings and celebration of star and deer might go out over the road. we have to share some dear out of the garden. uh. okay. and this man who makes his living drilling wall to wells paper side. okay. you want to get a feel, you already got it. and a teacher who gives lessons to complex. when one fateful august night, a wildfire came straight at them. they decided to fight it themselves. it was the

night of the month, the beginning of the santa cruz lightning complex fires, which started with as many as $11000.00 bolts of lightning in all the 50 years or more that we've been here. we have never seen so much lightning and we thought what is going on, but we still uh, is a fire, haven't really become a reality. well, it wasn't. and really i hadn't, hadn't started yet. some light chain. we got to check that. so the we looked at our bedroom window and we've never seen anything like the sky

everywhere with the clouds coming. something big. i mean it was binders, it was up in order to visit was everywhere. they were big lightning bolts going off all over the place and that's why they were 9 different fires in the sender clap. sure, loud they were just, you know, i well, the distance they were right on right around us, the fire department. we didn't ever see them to be truthful because they were all going to these different her

locations. i took noon to see her and all the kids and every one appeared evacuated and then fire was hooting, was hitting the upper part of who's coming up at the slot and there and starting down. this a good job. here. rockwell, every human being is constantly making his own personal assessments for how to deal with the risks of life. john was up on the mountain by himself. his son had laughed at his daughter last. everybody was gone except for john all the neighbors left. john was the only one who stayed there was one night when john was the only one up there. he's also kind of this patriarch of our community and, and we're really well respected elder, i would call him. and so i felt the need that i needed to go out just to help john,

if that help was needed. and when disaster suddenly strikes, you can freeze 3 or fight. most of us, even though we're harm, it's just kind of, we're like okay, the government's gonna handle it. let's get out of the way. and then when john lane, i'm in decided to stay and the i, you know, he let us all know that nobody was here. it's kind of like that angel story like no one's coming to save you. oh, i don't know what he's doing here. the maybe we're all in trouble, but we get getting, i've refused by the police. so we ended up sneaking up

here. i am so curious about that sheriff, we rarely rarely get cops up here just because you know why patrol we're not super interesting. yeah, just to start will be revisiting some notable many miles away, john. so and his team are trying to calculate the possible damage of the wildfire. yes, we got to see if any triggers could be activated or the tell us fired 2017 camp fire and 2018 was a 2018 in the santa cruz waiting the fire from 2020. so then let me see here where the, where the property counts there, that actual property accounts are there in line 6, right? you obviously see an in green the entire perimeter for the santa cruz by rick, that's the degrees, is the task force, it's actually liar. that's a fire perimeter, which i'm gonna turn on and off the on and off. okay. and could you create

a different color to that and make it read? you know, what you see is such a yellow dots and introduce dots represents properties in and around. in this case, this santa cruz county, we know resources at the very beginning of that of that, we tested a, a new satellite imagery processing technique to try to predict what the losses of that fire would be. but would you say the burn ratio in those areas told number of structures versus, you know, it shouldn't be quite, it'd be high yet. yeah. so that's what i'd be interested in to find out. cuz now you're basically coming up with a, a resource yet kinda dependent view on what the burn ratio is going to be. yeah. which i like wildfires are very common and they are relatively straightforward events. you have ignition, you have burn and then you have damage. so where most people actually think that the greatest uncertainty lies is in the damage itself, right?

if you, if you burn a certain area, then how many of the homes are destroyed and there are some on certain day in there . but there's surprising patterns in that maybe those passions can be recognized in the data, but i wonder what good those calculations all to you when the fire is coming your way. now i knew how bad it would get all night long. i would go up to the top of our property, and during the night, i kept hearing these explosions that i saw where the propane tanks and it was a move actual installing on me, and it was still tiny freeze in the back of my little breeze. it's actually blowing a fire slightly away from this morning. it

came over the bridge and then i can see trees flaring up. i was walking around and partially because my daughter was emotional a. um i go to, she was tweeting and calling people, telling them to get me out of here. there was a very surreal experience. roads, mice and rats literally like running through your legs just leaving the fire. and then the butterflies. a lot of monarch butterflies were just through just landing

on me in the woods. and they didn't seem, i mean, how can you read a butterflies personality but they didn't seem panic. you know, the way a butterfly is just so light in the way they live. it seems like and so they're just kind of cruising long and they would land and then they would move on. but there was a lot more than i have ever seen in the woods. and obviously they were just moving away from the danger they don't have necessarily decent roads coming in going i guess i wouldn't be of grief. so the burn race is going to be 60 percent. sure. yeah. the, the fire was finally starting to come around and approaches the to the no, i don't know. think i realized probably on the 2nd day of finding the fire that we

were going to control it. as long as the weather didn't change, the information was so poor from social media. and there i've known servicing pictures of various rose i or the and so from social media there was these satellite images that showed what they said were hot spots of where it was burning and where it wasn't. so you would all, you would, it's kind of an overlay of the topography of the land and it just had a bunch of dots, red dots where it was really hot. orange wasn't as hot yellow. maybe that already burned and, and green was okay. and when you looked at it, it showed red dots all over our house and all over our neighborhood people were hyper focused on this image and they're just like it's burning right here. and then we would get texts from them. 6 people in town saying it's burning our back ranch road. you need to go check it out. you need to get out. it's your only way on. we

go to back ranch road. there was a fire. as we say, there's no way of getting them back until we can see the fires right here and you know, and then we would tell them and then no, it's burning on warren dried. you need to go get out and then we go look and be like, no, it's not burning. and it wasn't until i think probably 3 or 4 days. and we realized that the satellite image was transpose in property. it needed to shift east by about a mile or so. the fire went around that came up the back side. and all of a sudden we got a desperate holler ring. caught out buildings on here by the tower. got up there, had taken,

it was really earning we were and was the stop and literally sounded like some just plain take off the and that's what i did. i did notice ridiculous, let's get the most serious we pushed is fire break through the and with those builders is the bony during the residents create a was a firebreak between themselves and the approaching flames. it almost looks like the upper left low. yeah. the like you go out to the left there. yeah, that low right there. is this how that looks like. they were the ones that actually successfully built a perimeter. so i'm going to say i'm going to zoom in on that and actually see if i can see that. and then the human behavior is

a fundamental part of the modeling. it's actually re taking into account that there's millions of sometimes very stubborn and independent, especially here in the u. s. homeowners who are defying orders to leave and evacuate, are running around, you know, putting up boards over their windows and defending their homes. if it weren't for that behavior, then the losses would easily be double or triple what we're observing. so it's actually in a sense, priced in this human behavior. right? so john, so has already faxed it in this behavior of large groups of people. but what about the behavior of a single individual? because whether all village elder can be insured against wild fires is decided today by algorithms. in new

york city and tech style top is confident that each can calculate the risk of a wildfire down to the smallest detail and therefore determine whether something is insurable or not. and the 1st version of our model didn't really take into account the randomness of whitening. so we didn't really consider lightning as i said, some major variable. so when the reason we exist is because the old way of doing things is, isn't really working anymore. so that's the traditional way of understanding. risk is let's look at the spot on the map, the zip codes, and we look and say, okay, over the last 500 years, this has burned 5 times. so it has a one in 100 chance of burning and then you price it accordingly. the problem is it's right there in the word climate change to see it right here. negative 4 is extreme dropped, right?

negative 3 is just so you can't really use the last 500 years and expect that to be able to predict the next 10 years off of that. you have to a much more bottom up physical model using machine learning. looking at the reality of that place. now, this is what the trees look like. this is what the weather looks like. this is where the fire breaks are. this is how close the closest fire engines are, and all that's being done by the model, the model. so it's to give you an idea of the traditional way of doing it. they might run a 100000 simulations to get to that one in 100 number. and they might say, run a 100000 different simulations and say, okay, i think that this has a one in 100 chance of branding. we're our machine learning models are models. they're running 682000000000 simulations to build a well functioning,

a model out of 682000000000 simulations. you need all kinds of things. i'm losing money. i don't know how to model this anymore. the models aren't working. i'm gonna leave, i'm just, i'm not going to do this any, 1st of all, you need to invest as money. where else can you go with the tools? so brains with a background on wall street and i started my carrier, goldman sachs and i'm a doctor as well. a climate scientist, a mathematician, a probability that the fire was spread to a great in california, or the founders who zealously promote that a model or a significant houses that week is fine in the industry as we've seen, as they all pulled back because they say, all right, we have no idea what the future is going to look like. it's a far more measured and data driven approach that, that would really take towards a lot of the traditional finances of places like pension funds and hedge funds and, and family offices looked over and said, well here's this whole world that,

that's writing insurance policies. it's not focused on the stock market or, or, you know, in commodities or some like that. they're just focused on whether or not a hurricane happens. an earthquake happens, or, you know, wildfire happens. and why that so valuable is because it's a non correlated asset. and what i mean by that is the stock market can be doing whatever it is today. that's almost completely unrelated to whether or not the wind is blowing in florida. and there's a hurricane happening. and one of the best things you can have it is an investor is something that's non correlated because it, even if you think you're diversified in your portfolio, but it's all in the stock market. well, the stock market blows up tomorrow, then everything is going to go down. so the appeal of a cat bond is that it's a completely different type of risk. even if the wall street crashes tomorrow, the cat phones will still back high interest rates.

we're headed out the last chance road to to get people water work on it or not water wells and repairing water wells. virtually every water, while out here melted, fire came through their very fast, a very hot. it's very different than the, than the fire that we dealt with at our home. sorry for the dirty windshield. only gonna get there is a, as it used to be, you couldn't say any of this this. this was all chaise. that was a house there. there was a house right here. balance arrived the one

the an elderly guy who went back in to get stuff. and when i heard that he didn't make it out and he tried to hike out through the state park and he didn't make it they found him some of the neighbors,

the after the disaster. there was nothing of value left. but when lightning strikes a bone dry forest, when a hurricane is on its way to the coast, and the extent of the insured damage isn't clear yet. that's when john so swings into action. whether it's a hurricane wildfires or an earthquake that just happens in the middle of the night, i get a phone call. i'm woken up. we have software and tools in which we bring up our portfolio and immediately accessed impacts to the portfolio from the of them. so, um, i assume, and if it looks like a trigger is activated and as an investor, you could lose all your money, then you naturally want to get rid of your capital and as soon as possible by pushing it up. the sale. that's an interesting opportunities arise if you're not able to estimate the, the losses of

a live event like this. then you have to question your ability to estimate the risks. hypothetical risks to the spawn and pricing. and so it's a, it's a little bit like a formula, one race in the world wide. very few players have the knowledge computing power and reaction speed necessary used to play the game at this level just before the fire. and then as soon as possible, i wonder whether that will be a typical catastrophe. bomb portfolio will have roughly 200 positions in it. what do you mean? we'll have 200 different catastrophe, bonds and that's the data of your system. and so in a major event, roughly 80 to those are potentially exposed to the event that narrows it down from $200.00 to $80.00. and then um, we are immediately estimating what the intensity of the event is going to be. and therefore,

what the financial losses will be then. and then from that next caught the 80 bonds that are at risk suddenly narrows down to 10. so that the final list of bonds that are potentially at risk, the seller really just once so media attention. so like a potato, no one wants to burn the fingers on these cap bombs and now being re sold for less and less money the the, the market make. oh, well, call us and say, i got an offer on $5000000.00 of this bond at $0.60 on the dollar. so normally if the bond was not in trouble, it would trade at full value. a $0.10 on the dollar that it's offered at $0.60 on the dollar. so if john so thinks he is better informed than the rest of the market . and he assured that the trigger weren't be activated and he won't lose millions, then he can seize is an opportunity. and by a capt bond for

a bargain price. it's a, it's a tricky business because roughly every other year you have a catastrophe. bon, that loses money and i've been doing this for over 20 years, so we've lost a lot of money on, on, on those cumulate we've made more than we've lost on that, but we've had significant loss experiences for sure. so with a cat foamed is really triggered you lose a lot of money as an investor, a level john has to constantly test the most recent climate projections against his own data and calculate the extent of the potential damage of those projections. so here are the different end of the century temperature projections. so obviously the 8.5 scenario is the highest, okay? so 2 degrees by 2015, 4540, etc. and we take those,

the star costumes and run it through the model. and on average that increases by 3.1.34. so it's 34 percent you weren't met. so it's a point 3. no, it's a 35 percent, 3 full and what is where you can at 34 percent increase in in damage. right. and damage and what you do down oh, that's annual and then on the line and utilize it from today or from 2020. 0 okay. the world is getting risk year for share so that is driving growth in our marketplace. by our estimation of the, the world needs roughly 500 billions of capacity we have on finance. largely it's for the time being a us centered market. but the potential worldwide is immense. you know, whether it's a flooding in germany, flooding in asia,

particularly in china. you can calculate what the exposure is because it, in the end it's physical. so really you, you need effectively google earth and the look at all the property around the world and understand its vulnerability to earthquakes, hurricanes and floods. and you can do the calculation, right? but what is the bottom line? so the people are funny do for a lot of people up here. it was a huge surprise to them that the fireman didn't come. i think it really is a numbers game on people, and then the amount of wealth within an entire community. so, you know, we might have some affluent community members, but it's not the silicon valley or, you know, it's not all absolutely commit and so it's not worth it for them. i think it must be how close it is to a city that you know that they care about. for most of my community,

it was the 1st time that they realized that they were not significant. and that that, that they were deemed easily disposable. no significant disposable the fire department wasn't willing or able to save many of the houses. so cap bombs and bony. do no one noticed their existence. they only work for you if you own insurable properties just funny to just just to chance last chance. yes. this still shows us that a got if she me any higher risk. so we'll see that she strictly business days has

run in the past. so actual model shows that this one you don't location is like a 1.18 percent china self burning. so that's actually within $95.00 percentile in terms of the risk. yeah, so 95 percent of the california has the lower risk then this particular location that this, this to, that was like a little bit interface is to, to cross. and then the palmer charts over the next is to them. and all of those are the reason behind. and we think this location is to option dangerous. plus the sure the this is my little bumper as

good for compress the air bottles as it are full of their or i'm never going to if i just stay in here a good stay on here, hours are those think so it's no outside a here. but my house should be burned down and i've gotta come out of this as soon as that big wave burns over. i'm going to be out there putting you on the fire. but anyway, this is just that little, little insurance policy and sort of dance. you know, i don't 90 percent of the time. i'm never going to use somebody if. if the one to 5 percent of the time i needed that good cert months. so that's why i got to compose their thing to send them water around. so it gives our loved ones the insurance or the feeling bad. all right, her grandpa has gathered together. he'll get in his heart, look pizza up and sit there and it beats now. and i've got

a hoses and i got a little kind of a downstairs. so i'm reading the people of bonnie do not insure their own lives and rebuild them if they need to. because if you live in bonnie do or by the most river or in pakistan, you'd better build your own bunk or levy if there's anything i've learned is that it is hard to calculate the risk of a war upon demick or climate change. yet on planet finance, even this kind of risk is a good business model. because the capital that's roaming the world is always looking for a way, creating new arenas for profit. you could coordinate this, but for a few years now,

the demand for kat funds actually exceeds the expected catastrophes the on

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the you're watching do the we can use live from violin to use since war return to europe along with its allies. ukraine marks the beginning of russia's full scale and fashion new places of support. a continuing bringing. volt hype, president floating means, the lensky says he's country is definitely stronger now than vaccine. also coming up, donald trump lashes out at joey by then saying another 10 for the president will lead to us to help is comments. com. as far as his head to the polls and the key republican primaries and the documentary about the return of the looted african bot,