the closing graveyard image of land desert this is where things wealthy industrial nations no longer need and the lightest textile waste gets stranded here. all about the final stuff in the global fashion industry. fast fashion. watch now on youtube. videos and games. you belong to the 77 percent comes who i jumped on 65 last last those top 5 years, 31115. we are here to help you make up your mind. we are here on please find your mind. so talk to you from couple talk fixed a new culture and in 15 minutes,

let's say together parts of our community life on the research is now on the 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 is 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 can allow crazy financial opportunities to arise solely to put that money to work. the, there is a, was made out of numbers, a world where you have to be the smartest or the fastest, a world connected by radio waves and fiber optic cables.

a world where you can make money if you think you know what the future the a well the fee and design the way you can when i call this world plenty to finance wondering around the planet finance. i arrive at a place where they really loves you. they speculate on the chance of a wildfire flood or other catastrophe happening. you want to try go from there. one way of guzman lives is austin. i married while i was in college and i started my family while i was doing my ph. d. like my 1st child, he costs the insurance company, half

a $1000000.00 being born prematurely. and so the person at the insurance company told me your next child won't be covered. oh god, someone westbridge to me, they said, hey, go to wall street. um, you know, a lot of math. they'll give you health care just for solving one equation. okay. so in the 1st interview, the person comes in a said john does money mode of faith. and he went on and on to a 10 or 15 minutes page that culminated almost a do you worship at the altar of money? there's money more to you that 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 to them. why are you here as oh, i just need health insurance,

and i'll do anything you've asked me to do. and 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, oh, i go. okay, so i have no experience and that is a, that's the great thing. nobody does the one planet finance. there was a market for the 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 is 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 to 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 shows you how such a chaotic situation can give rise to a market. i will take you back to a dock for tonight. 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 leads new york with $43.00 dead and billions of dollars of damage. the flooded tunnels of the greatest exhausted f. i 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 that only seems to lead looses 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. it was about a week of solid pumping. just

a just to pump the water out of it. 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 work were 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 years on wall street and now works for the transportation authority of new york. for the uninsurable damage, she goes to planet finance for help or hear about tara games in the caribbean. we know about damage in florida occasionally, and we never thought that it would come here, but it did of course our system was devastated. the inside of our tunnels have a lot of electrical equipment that was all ruined.

our damages. where like in about $800000000.00 range, i think we were only able to get about $500000000.00. 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 one transaction. let's explain that one fast cap bond is short for catastrophe. boned 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 category goes further than that. if

a disaster occurs before the end of the large time, the money lend loses the entire summer, 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, i really think it's okay. it's supposed to be you when you have pain and loss. so now you, you pay interest on a cat phone instead of an insurance premium. and if you want to buy a car and you go to john, so describe the deal and 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 excited cuz we're not cap 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 years. hold on a 2nd. this is a 1000000000 and a half commercial mortgage. that's backed by the cloud, all of the building itself complex. and the complex itself is not insured against earthquake and parking lot are all these kind of, they're not even cat funds to cover the damage of the 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. of these bonds are called catastrophe. bones, 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 halt. 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, he's to sit right over there, can actually see all the status lights from his desk. though to turn that running a server room is very complex because he has 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 that $10.00 to $20.00 trillion dollars of capital roaming the world. and you can imagine can configure tons of lights, 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 wealthy individuals. what would happen if the traditional phones witness high yields and how would it affect the kept balls?

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 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's what's the minimum damage should be after 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 it's in area a bit, treat that level if they have what i see, it's 7.75 feet or in the area of the heats 12.75 feet above. now a t then transaction triggers. another condition for the transaction to trigger is the this got to be a named story. every new hurricane season. the 1st tropical storm gets a name starting with the letter 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 own us. we hope it's going to happen at some point and and okay. but um yeah, so, so far so good um so far it hasn't triggered we didn't have another stand. so there's cap on, there's no certainly a solution for new york, but planning to finance this happy as well. a typical win win situation. the catastrophe is really up because it's so simple that 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,

the design of 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 more than 40000 pounds. approximately 20000 kilogram. this what day seems to be the, the best combination of cost screening. 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. so my job is to make sure that there is damage. we have money to fix, right?

investors who invest in cash bonds and just views. 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 deadlines and then the them that are in mexico and the little bit and jump and use, i think as long and this is how they diversified portfolio things don't so there is a monkey for dissolves, does own around the world, each with its own risk and therefore its own price. managing capacity risk is, is very, very particular. and this was originally, it was a lot dro, 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 ticket, hitting it big, you know, big upside. who 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. right? so there it is. a gruff in the shape of a church about traditional banks and insurance companies use the bulk of to calculate the risk 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

mortgages that aren't 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 tailed risk. that's where it becomes much harder to make precise predictions. because want to the chances of an airplane flying into the world trade center or of as you know me crushing straight into a nuclear power plant. these are the unexpected events, the traditional pol to planet finance isn't prepared for. but you on so lives of these fickle chances, the reason why they're stuck on the framework as 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 risks. just if you don't have that framework, then you can only deal with emotion. are relying on old fashioned techniques that

are better know not to work 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. but to me, human behavior seems much harder to capture. in an algorithm, individuals are too wild and wet and non uniforms, to be conquered with simple math, maddox. to show you how those planet finance algorithms affect the planet test. i 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. right. or you're going to be there for

a few minutes. all right. i'll be around the community has the village elder, 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 over the road. we have to share some dear out of the garden. uh. okay. and this man who makes these 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 or 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 dotted 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 in the fire hadn't really become a reality. well, it was in the rear. i hadn't, hadn't started yet. some light chain, we got a check that so the we looked at our bedroom window and we've never seen anything like the sky everywhere with the cloud

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 fire started the sender clap. sure, loud they were just, you know, i well, the distance they were right on right around us. of the fire department. well, we didn't ever season be truthful because they were all going to these different her locations.

i took nancy and i heard and all the kids and every one appeared back to it. and then fire was hooting. was hitting the upper part of by who's coming up at the salon now and starting down this, i get a job here, drop row. 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 permits just kind of we're like okay, the government's gonna handle it. let's get out of the way. and then when john langham in decided to stay and yeah, 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 kept getting, i've refused by the police. so we ended up sneaking up here. i am so curious about the sheriff. we rarely rarely get cops up here just

because you know why patrol. we're not super enter spam. yes, as the start will be revisiting some notable many miles away, john. so and his team are trying to calculate the possible damage of the wild fires . yes, we've got to see if any triggers could be activated or the tell the fire 27th team camp fire 2018 was the from 2018 in the santa cruz lane, the fire from 2020. so then let me see here where the, where the property counts there, the 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 task force. it's actually liar. that's a fire perimeter, which i'm gonna turn on and off, have a on and off. okay. and could you create a different color to that? yes. make it red. 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 not resource at the very beginning of that of that. we tested a, a new satellite imagery processing technique to try to predict what the, 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 can be quite, it'd be high. yeah. yeah. so that's what i'd be interested in to find out because now you're basically coming up with a, a resource yet kinda dependent view on what the bern racial is going to be. yeah. which i like wildfire is, 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 is some uncertainty 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? no, 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 tank sent me, it was a boom, actually was falling on me, and it was still a tiny breeze 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 pull everything up.

i was walking around and partially because my daughter is emotional a i'm 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 butterfly's 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 control coming in going i guess i wouldn't be able to reach that. so the burn race is going to be 60 percent . sure. yeah. the fire was finally starting to come around and approaches. 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 been servicing pictures of various relative i or the and so from social media, there was these satellite images that showed what they said were hotspots of where it was burning and where it wasn't. so you would all get, oh, that's kind of an overlay of the topography of the land. and it just had a bunch of dots. the 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 neighbors. people were hyper focused on this image and they're just like it's burning right here. and then we would get a text 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 got to back ranch road, there was a fire. they would say there's no way of getting them back until we can see the

fire. it's 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 do it . 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 and all of a sudden we got a desperate holler ring. caught out buildings on here. by the time i got up there had taken, it was really earning work and it was a stop literally sounded like some chip plan

the and that's what i just did. notice ridiculous. let's get the most serious push is firing through the and with those builders is the bony doing residents create a wall of fi, a break 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. that's the traditional way of understanding. risk is let's look at this 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 that burning and then you price it accordingly. the problem is it's right there in the word climate change to see it right here. next you for is extreme drought, right? negative 3 is just so you can't really use the last 500 years and expect it 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. 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 going to, we, 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's 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 at all on the stock market or

are 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's 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 phoned will still bear high interest rates. we're headed out the last chance road to to get people, water work on

a water wells and repairing water wells. virtually every water while out here melted. fire came through there. very fast or very hot, very different than the, than the fire that we dealt with at our home. sorry for the dirty windshield. only gonna get there today. as it used to be, you couldn't say any of this this, this was all trees. that was a house there. there was a house right here. balance arrived the one gentleman, the

elderly guy who went back in to get stuff from what i heard. he didn't make it out and he tried to hide down through the state park and he didn't make it sound in 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 you might assume that 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 when 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 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 and it will 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 of that is going to be and, and therefore what the financial loss is will be then. and then from that next cut, 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 cell are really just once so media attention. i'm so like i talked to potato, no one wants to burn the fingers on these count funds and now being re sold for less and less money the the market maker. 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, but 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 wouldn't be activated and he won't lose millions, then he can seize it won't but unity and buy a cap fund 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 they've lost a lot of money on, on, on those cumulatively, we've made more than we've lost on that, but we've had significant loss experiences for sure. so we have a cat formed is really triggered you lose a lot of money as an investor. the natural 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 century temperature projections. so obviously the $8.00 scenario is the highest. okay? so 2 degrees by 2015, 4540, etc. we take those the star costumes and run it through that model. and on average

that increases by 3.1.34. so 34 percent your net. so it's a point 3. now it's a 35 percent, 34. and one is where you can add 34 percent increase in in damage. right? and damage. what you do down oh, that's annual and then we'll add a lot and utilize it from today or from 20. 20. 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 affluent come in. 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. not significant disposable . the fire department wasn't willing or able to save many of the houses. so kat phones and phony do no one noticed their existence. they only work for you if you own insurable properties funny to just just to chance last chance. yes, this still shows us that a got a shoot me any higher risk. we'll see that he's trooping physically 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 car fornia has the lower risk then this particular location that this this to, that was like the interface is to, to cross and then the palmer charts. so for the index is to them and all of those are the reason behind that. we think this location is the option to dangers plus the sure the this is my little or as good for compress the error bottles that are full of their as

a member going to as long as it stays in near a good stay on here. hours are those pinks with no, i'm sorry, i didn't hear, 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 gonna be out there putting it on the fire. but anyway, this is just a little little insurance policy and sort of dance. you know, i don't 90 percent of the time. i'm never going to use it. so if, if the one to 5 percent of the time i needed that good certain months. so that's why i got to compose their tanks and then water around, so it gives our loved ones the insurance or the feeling bad. all right, her grandpa is guided together. you don't get inside, look pizza of the newton sit there and it beats know, 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 boni, do, or by the most with us 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. the. you could coordinate this, but for a few years now, the demand for kat funds actually exceeds the expected catastrophes

the on the

adventure, as serious coverage definitely knows it takes mold, and it says the wardrobe to check in here. full 119 needs his underground come to what is likely the deepest hotel in the deep sleep in north wales. your own that in 30 minutes on the w. gone with the wind no revere to this day.

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this is the domain is live from the land. donald trump wins the south carolina republican primary soundly beating his last remaining arrival. nikki haley. it's a key steps to him securing the presidential nomination in the race for the white house. is ready. security forces make arrests. intel, a v, do an anti government protests. please use water cannons to disperse crowds of thousands, hold the vigil for hostages, held by how much go left on correspondents in jerusalem before the latest and a documentary about the return of new to african treasures takes the top prize at the berlin film festival.