California Earthquake Authority July 2010. Glenn Pomeroy Chief Executive Officer. California. 99% chance of a major earthquake (M6.7) within the next 30 years. Majority of Californians live within 20 miles of a major fault. CEA Today….
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Chief Executive Officer
Current Financial Structure
Participating Insurer Assessments
Claims Paying Capacity
1-in-545 year event
Only 12% of residents with homeowners insurance have earthquake coverage. coverage.
1997-2009: Total policyholder premiums $6 billion
Spent on reinsurance
Capital $2.4 billion
Reinsurance claims paid:
*Expenses $1.1 billion
COGA allows future CEA growth reinsurance
Federal Legislation: reinsurance