California Earthquake Authority News

Swiss Re Capital Markets Places $775M Cat Bond for California Earthquake Authority

Swiss Re Capital Markets has successfully structured and placed the issuance of USD $775 million of insurance-linked securities by Ursa Re II Ltd. to be used for the protection of the California Earthquake Authority. CEA reports more than 1 million …

Updated Residential Earthquake Damage Guidelines for California Released

The California Earthquake Authority today released updated guidelines for identifying, evaluating and repairing residential earthquake damage were The guidelines were updated at CEA’s annual claim manager meeting. Experts from CEA and the Applied Technology Council presented the new CEA-ATC publication …

California Earthquake Authority Named Administrator of Wildfire Fund

The California Catastrophe Response Council, which oversees the Wildfire Fund, has formally named the California Earthquake Authority the fund’s administrator. The Wildfire Fund was established by the California Legislature, under Assembly Bill 1054 and Assembly Bill 111, and was signed …

California Earthquake Authority Policy Sales Spiked After Ridgecrest Quakes

The California Earthquake Authority gained 23,861 earthquake insurance policies following the magnitude 6.4 and 7.1 earthquakes and aftershocks that struck on unnamed faults near Ridgecrest beginning on the July 4 holiday. That’s the second-largest monthly net increase in the 23-year …

Guy Carpenter Tapped for California Wildfire Fund Reinsurance Program

Guy Carpenter & Company LLC has been named the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority. Guy Carpenter will provide strategic reinsurance and advisory services to develop …

California Earthquake Authority Board Expands Policyholder Eligibility for Retrofit Grants

The governing board of the California Earthquake Authority has voted to increase the number of policyholders eligible for a $3,000 retrofit grant. The CEA board voted to make the grant available to roughly 30,000 CEA policyholders as part of CEA’s …

California Regulators Seek to Curb Misinformation About Earthquake Insurance

The recent earthquakes that pummeled neighborhoods in Ridgecrest and Trona in Southern California have led to reports that some insurers and agents may be declining to write earthquake policies in various areas of the state, according to the California Department …

Southern California Quakes Push Interest in Coverage

Visits to the California Earthquake Authority website reportedly increased by nearly 10 times normal following the largest earthquakes to hit Southern California in 20 years. The quakes over 4th of July holiday weekend were big. A 6.4 magnitude occurring on …

California Lawmakers Advance Resilient Homes Initiative

A bill to enable the California Earthquake Authority to expand mitigation programs cleared its first hurdle this week when it passed the Senate Insurance Committee. The Resilient Homes Initiative, Senate Bill 254, was authored and introduced in earlier this month …

California Earthquake Authority Board Votes to Sponsor Resilient Homes Initiative

The California Earthquake Authority’s governing board has voted to sponsor and support the Resilient Homes Initiative, a bill aimed at helping Californians prepare for earthquakes by restructuring the CEA to strengthen its long-term financial sustainability and increase the number and …