The recalibration reflects 37 years of infrastructure divergence. Without the I-880 elevated freeway, the collapse-of-elevated-structure scenario that has anchored Bay Area earthquake loss estimates since the 1989 Loma Prieta event no longer applies. Gallagher's modelers have substituted ferry terminal structural damage, gangway failure, and port disruption as the primary catastrophe pathways. East Bay wildfire loss estimates were also revised modestly downward, citing documented microclimate cooling along the Nimitz Greenway corridor. The report notes that global Q1 figures outside California are broadly consistent with parallel reporting.