From Michael Lewis Sunday NYT

The companies’ models disagreed here and there, but on one point they spoke with a single voice: four natural perils had outgrown the insurers’ ability to insure them — U.S. hurricane, California earthquake, European winter storm and Japanese earthquake. The insurance industry was prepared to lose $30 billion in a single event, once every 10 years. The models showed that a sole hurricane in Florida wouldn’t have to work too hard to create $100 billion in losses. There were concentrations of wealth in the world that defied the logic of insurance. And most of them were in America.