{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fsignal-noise.simplecast.com%2Fepisodes%2Fthe-liability-horizon-GsUG7CV8","width":444,"version":"1.0","type":"rich","title":"The Liability Horizon","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/96a10b54-3566-4ae1-87fd-fd8bff7bd182/f8c23ae5-e871-4c31-9ede-2ef659e784a1/signal-20and-20noise.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/31bd0738-bcce-40c6-8c82-f3da0be76296\" height=\"200\" width=\"100%\" title=\"The Liability Horizon\" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"Every major insurer quietly withdrawing from California, Florida, and Louisiana isn't a story about weather — it's a story about who gets to know the future first, and what happens when the people pricing long-term risk stop believing the official story. This week, we trace the gap between what climate models tell bond markets and actuarial tables, and what gets said in a State of the State address. When private capital retreats from an entire geography, the question isn't whether something is wrong — it's who bears the cost of pretending it isn't."}