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The California Earthquake Authority

Author

Listed:
  • Marshall, Daniel

    (California Earthquake Authority)

Abstract

The California Earthquake Authority is a unique organization formed for a specific purpose. CEA owes its existence to a single earthquake just over 20 years ago and a 1980s-era state law: Without the 1994 Northridge earthquake and the offer of earthquake insurance required of sellers of home insurance in California, there would be no CEA. Because CEA’s organizing genome is so particular—and because this paper is offered to help form a map to explore future reform and improvement of national catastrophe insurance programs—the following observations explain CEA as an entity. In that vein, the background of CEA is the first key: What happened, who did what, what alternatives were on the table, and why the the CEA was the chosen model. Without depth in those matters, there can be no useful or creative comparison of CEA to present or future states of other organizations. As well, after 20 years of operation, the CEA is no longer just a bright idea—it is a mature insurance provider with a broad portfolio of ideas: its market-leading insurance products, unique loss mitigation programs, and innovative financing techniques. As the largest and most active California player in addressing and mitigating both structural and financial residential earthquake risks, the CEA experience is instructive.

Suggested Citation

  • Marshall, Daniel, 2017. "The California Earthquake Authority," RFF Working Paper Series dp-17-05, Resources for the Future.
    • Handle: RePEc:rff:dpaper:dp-17-05
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    File URL: http://www.rff.org/RFF/documents/RFF-DP-17-05.pdf
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    Citations

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    Cited by:

    1. Owen, Sally Margaret Frean, 2017. "The unfortunate regressivity of public natural disaster insurance: Quantifying distributional implications of EQC building cover for New Zealand," Working Paper Series 6720, Victoria University of Wellington, School of Economics and Finance.
    2. Sally Owen & Ilan Noy, 2017. "The Unfortunate Regressivity of Public Natural Hazard Insurance: A Quantitative Analysis of a New Zealand Case," CESifo Working Paper Series 6540, CESifo.
    3. Sally Owen & Ilan Noy, 2019. "Regressivity in Public Natural Hazard Insurance: a Quantitative Analysis of the New Zealand Case," Economics of Disasters and Climate Change, Springer, vol. 3(3), pages 235-255, October.
    4. Sally Owen & Ilan Noy, 2017. "The Unfortunate Regressivity of Public Natural Hazard Insurance: A Quantitative Analysis of a New Zealand Case," CESifo Working Paper Series 6540, CESifo.

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