Kroll Bond Rating Agency Affirms California Earthquake Authority LTCR at 'A+'; Outlook Stable (Web Page)
New York (September 14, 2023) KBRA affirms the A+ long-term credit rating (LTCR) for the California Earthquake Authority's (CEA) Series 2022A Revenue Bonds. The Outlook is Stable. Key Credit Considerations The rating on the revenue bonds is based on KBRA's assessment of the CEA's financial strength as an essential earthquake insurance provider in the state of California as well as key structural aspects of the bonds. As of June…
CEA's First-Ever Public Forum/Listening Session is a Hit (Web Page)
CEA was pleased to welcome more than 150 people to its first-ever Public Forum/Listening Session. The online meeting allowed participants to share their thoughts and suggestions as CEA faces a crossroad on how to strike a balance between providing valuable earthquake insurance coverage at a relatively stable rate, while having the financial strength to pay policyholder claims in the wake of a catastrophic event. To allow for broader audience…
Anniversary of 1987 Whittier Narrows earthquake offers reminder to Californians to reduce their risk of loss from earthquakes (Web Page)
(SACRAMENTO) Sunday marks the 30th anniversary of the 1987 magnitude-5.9 Whittier Narrows earthquake—reported to have caused $358 million in property damage (equivalent to about $760 million today).* The Whittier Narrows earthquake occurred about 12 miles east of Los Angeles on a previously unknown fault. The quake was moderate in strength, but it was responsible for eight deaths, numerous injuries and substantial damage. “So often when we…
CEA History (Web Page)
It all started with an earthquake On January 17, 1994, a magnitude 6.7 earthquake known as the Northridge earthquake rocked California's San Fernando Valley—twenty miles northwest of downtown Los Angeles—on a fault no one even knew existed. According to the Seismic Safety Commission, the earthquake caused an estimated $20 billion in residential damages alone—and only half of that was covered by insurance. After the dust settled, the Northridge…
Executive Management (Web Page)
A Strong Foundation of Leadership California Earthquake Authority's (CEA) Executive Team has a rich history of longstanding leadership in diverse public industries such as insurance, communications, government, finance, and law. For media interviews please contact media@calquake.com or call (279) 203-5998. CEA's Executive Team Chief Executive Officer Tom Welsh Chief Financial Officer Tom Hanzel General Counsel Suman Tatapudy …
Governing Board (Web Page)
The Governing Board of CEA governs and conducts the affairs of CEA’s residential property earthquake insurance business in California. It is made up of five elected officials and meets at least four times a year. All meetings are open to the public. Governing Board Members Governor (voting member) Gavin Newsom State Treasurer (voting member) Fiona Ma Insurance Commissioner (voting member) Ricardo Lara Speaker of the Assembly (…
Northridge earthquake anniversary prompts reminders for California residents (Web Page)
(SACRAMENTO) Today marks the 23rd anniversary of the 1994 Northridge earthquake—the magnitude-6.7 shake that caused widespread damage to freeways, office buildings and homes. The cost to rebuild or repair homes has increased by about 170 percent over the past two decades, and authorities estimate that if the Northridge quake occurred today residential damage in the area could be as high as $79 billion*. “As we commemorate the…
Millions of Californians prepare to participate in annual ShakeOut earthquake drill (Web Page)
(SACRAMENTO) Millions of Californians will take an important step toward earthquake safety this Thursday, Oct. 18, at 10:18 a.m. during the 10th annual Great California ShakeOut drill, by practicing how to “Drop, Cover, and Hold On” when the ground shakes. Most Californians live within 30 miles of an active fault. Scientists say there is a 99 percent chance of a magnitude 6.7 or greater earthquake striking our state within the next…
Stakeholder Engagement Sessions (Web Page)
The California Earthquake Authority (CEA) will continue to host periodic stakeholder engagement sessions to share information and seek stakeholder input on our residential property earthquake insurance business. These sessions help us gather feedback and suggestions for the benefit of CEA’s Advisory Panel and Governing Board regarding strategic initiatives that will further CEA’s mission and build on our current financial strength and…
Preparedness Resources (Web Page)
Useful information to help you prepare for an earthquake Visit the websites below to learn more about California earthquakes and how to prepare your family and your home, before the next damaging earthquake strikes. For Your House California Residential Mitigation Program Strengthen Your House Contractors State License Board (CSLB) How do I Find the Right Licensed Contractor? Owner-Builder Risks (DIY) Earthquake Brace +…