California Earthquake Authority News

Increased Chance of Big One in Long-Term Quake Forecast for California

Chances that California will experience a magnitude 8 or larger earthquake in the next 30 years has increased from 4.7 to 7.0 percent, according to an earthquake forecast by the U.S. Geological Survey and its partners. The Third Uniform California Earthquake …

CEA Kicks off Earthquake Insurance Selling Program for Agents

The California Earthquake Authority has again kicked off its annual “Marketing Value Program,” in which the quasi-private earthquake insurer encourages agents to sign up to receive direct mail marketing pre-printed with agents’ names to send to potential clients. This is …

Earthquake Authority to Study Quake’s Impact on Napa Homes

The California Earthquake Authority has begun surveying Napa residents to find out how well their homes withstood the magnitude 6.0 earthquake centered in the South Napa area on Aug. 24, 2014. Under an initiative that CEA executives hope will lead to …

Catastrophe Bond Issuance Reaches Record Levels: Aon Benfield Report

Property catastrophe bond issuance for the fourth quarter 2014 stood at USD$2.1 billion across six separate transactions, contributing to a record annual property catastrophe bond issuance of USD$8.0 billion, according to a report published by Aon Benfield Securities, the investment …

California Earthquake Authority Proposes to Lower Rates

The California Earthquake Authority on Thursday proposed an average 8 percent decrease in rates. CEA’s Advisory Panel recommended the rate decreases, along with additional coverage options in deductibles, discounts and certain limits, to the CEA Governing Board, which next meets …

California Earthquake Authority to Sell $350M of Bonds

The California Earthquake Authority, the largest seismic insurer in the U.S., is selling $350 million in bonds to strengthen its ability to pay claims, after the state’s first death due to a quake in 11 years. The debt, which is …

California Has Another Great ShakeOut

At 10:16 a.m. on Thursday employees at Golden Bear Insurance Co. were all under their desks practicing good risk management. Oct. 16 marked another Great ShakeOut event in California. According to California Insurance Commissioner Dave Jones, today more than 10 …

California Governor Signs Bill Earthquake Insurance Information Bill

Gov. Jerry Brown has signed Assembly Bill 2064, a bill aimed at changing the way Californians learn about earthquake insurance for their homes. Under California law, insurers that sell residential property insurance also must offer earthquake coverage to their policyholders. …

Insured Losses From the Napa Quake Pegged at $250M or Less

Insured losses from the Aug. 24 earthquake that struck Napa, Calif. will not exceed $250 million, according to a risk management firm. Widespread damage was expected from the 6.0 magnitude event, but there wasn’t much business interruption as most area …

Busy Week for Those Assessing Damage from Napa Quake

“It’s been a busy week,” said Glen Pomeroy, CEO of the California Earthquake Authority. The magnitude 6.1 earthquake that struck Northern California in the early hours of Aug. 24 may cause up to $4 billion in economic losses by some …