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.
"A pragmatic positioning is that we will find more buildings that are perhaps not close to imminent collapse but have had needs overlooked," CoreLogic Inc. engineer and risk modeler Tom Larsen told S&P Global in an interview.
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