Overview of Earhquake Risks in California
The California Earthquake Authority (CEA) was created 20 years ago to respond to a crisis – the virtual collapse of the California homeowners insurance market after the 1994 Northridge earthquake. While quickly succeeding in that goal, CEA has worked hard ever since on a far more ambitious one – providing valuable and affordable residential earthquake insurance in California. CEA also encourages Californians to reduce their risk of earthquake loss and damage through education and mitigation.
CEA CEO Glenn Pomeroy will provide a brief overview of earthquake risk in California, and describe how the CEA functions as a not-for-profit residential earthquake insurer. Mr. Pomeroy will also outline recent changes that have made CEA earthquake insurance much more flexible and affordable, resulting in a significant increase in the number of California homes that have this important financial protection in place.