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Surfside Condo Collapse Could Permanently Reshape Risk Assessment in Coastal Areas

Insurers could play an important role in lessening structural risks.

By Lynn Pollack | July 27, 2021 at 05:30 AM

The unprecedented collapse of the Champlain Tower South condo building in Surfside, Fla., has the potential to completely and permanently reconfigure the way experts model risk and conduct risk assessment in coastal areas, according to a new analysis from S&P Global Intelligence. 

The overnight collapse of the building last month claimed nearly 100 lives and sparked an immediate review of buildings over 40 years old in the Miami area for major structural flaws. And that scrutiny could “add another layer to how modelers and underwriters determine risk,” according to S&P Global.

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