What earthquakes cost insurers — and what the models missed.

M7.2 then M7.5, 39 seconds apart: why a 500-year record misses a 1,000-year fault.

The second shock hit buildings already damaged by the first. Sequences live in the tail.

~$34B damage, ~90% uninsured — two M7+ ruptures and the protection gap.

~$30B economic, ~$8B insured — testing the models at giant magnitude.

226 lives, $2.5B+ — soft-soil amplification and the modelling gap.