California Earthquake Authority
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California has a long history of earthquake damage. The Northridge earthquake, which struck Southern California on January 17, 1994, was the most costly quake in U.S. history, causing an estimated $20 billion in total property damage, including $12.5 billion in insured losses. The insurance industry ended up paying out more in claims for this quake than it had collected in earthquake premiums over the preceding 30 years. While no insurer became insolvent, some came very close.
In response to the crisis, legislators established the California Earthquake Authority (CEA) in 1996. The CEA is a privately financed, publicly managed entity that helps California residents to protect themselves against earthquake loss. Today, the CEA is one of the world’s largest residential earthquake insurers.
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 Download/View File: CEA Paper (PDF) (53 K) | |
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