A property insurer has 100,000 houses insured over a long period and, on average, 2 percent, burn each year. There is a variation of 250 houses from the expected number of losses. What is the objective risk? (4 points) 1b. A property insurer has 10,000,000 houses insured over a long period and, on average, 2 percent, burn each year. There is a variation of 2500 houses from the expected number of losses. What is the objective risk? (4 points) 1c. Why did objective risk decline?