Can modern surge protector strips still catch fire?
If there is not a thermal disconnect (many do not have) the MOV can catch fire, the way MOV's work is once a spike is of sufficient voltage it will break down and dump the excess voltage to ground or neutral depending on how it's wired. If the spike is large enough or having a long time duration the MOV over heats and usually blows itself apart. The case of the device usually contains the electrical fire as required by UL to be listed. Higher end units do have thermal protection but when these devices open the circuit the protection is usually gone. MOV's can take thousands of hits but go beyond there ability to dissipate the heat and they need to be replaced. This is why most whole house protection units have lights to show if the unit is still functional. Some of the larger models have replaceable blocks that are Basicly large MOV's with a temp sensor that opens once the heat exceeds the mfg rating (think of a thermal fuse like on a dryer or coffee maker)