The Intelligence from The Economist
A run for cover: LA’s fires and insurance
Jan 13, 2025
Shishan Joshi, the Defense editor for The Economist and expert on military affairs, dives into California's blazing wildfires and their drastic impact on insurance. He discusses why traditional risk assessments fail in the face of climate change. Joshi also tackles the debate surrounding women's roles in combat, highlighting cultural shifts and recruitment challenges. Plus, he examines the evolution of children's literature, questioning whether it should embrace harsher realities rather than sugar-coated tales.
26:03
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Quick takeaways
- The insurance industry's challenge in California reflects the growing difficulty of pricing risk amid the realities of climate change and increasing wildfire threats.
- Debates surrounding women's roles in the military emphasize the necessity for inclusivity and recognition of diverse contributions within combat and support positions.
Deep dives
Impact of California Wildfires
California is facing devastating wildfires that have significantly affected communities, leaving entire neighborhoods in ruins. Residents, like Laurie and Robert Bellotta, experienced near misses as their homes almost succumbed to flames, highlighting the unpredictable nature of these disasters. The economic impact is staggering, with estimates of around $50 billion in losses, including about $20 billion in insured damages. This situation underscores the insurance industry's struggle to balance risk and provide coverage as many companies reconsider their policies in light of climate change.
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