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California Earthquake Authority

NEWS
April 19, 1996 | Associated Press
The Assembly on Thursday passed an insurance industry-backed version of a bill to create a $10.6-billion state fund to cover homeowners' earthquake losses. But the vote, the second attempt at approving the bill, was not a victory for the industry but an attempt to advance the bill into a conference committee in order to seek a compromise with a more consumer-friendly version passed by the Senate.
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NEWS
September 5, 1997
An average 11% decrease in the state's earthquake insurance rates--approved in July by the California Earthquake Authority--won the endorsement of Insurance Commissioner Chuck Quackenbush on Thursday and will go into effect in November. Quackenbush said those who have already paid for quake insurance this year will get an average rebate of $62 on their premium, either as a refund or a credit on next year's bill. The decrease came after the state geologist, James F.
CALIFORNIA | LOCAL
November 24, 1996
We protest! Now it's our state agency, the California Earthquake Authority, that carries discrimination to a new high through adoption of a "redlining" policy. On behalf of Tarzana Property Owners Assn. members, the following letter has been sent to Charles Quackenbush, California state insurance commissioner, with copies to Gov. Pete Wilson, Sens. Tom Hayden and Herschel Rosenthal, Assemblywoman Sheila Kuehl and Los Angeles County Supervisor Zev Yaroslavsky: "With earthquake faults crisscrossing the entire state, the San Fernando Valley should not be singled out as 'most vulnerable, therefore most liable financially' (our quote)
BUSINESS
December 1, 2012
SACRAMENTO -- In California, two earthquake insurance companies are lowering their rates. Insurance Commissioner Dave Jones announced Friday that he approved a 15.5% rate reduction for Chubb Insurance. The average annual premium will fall to $5,021 from $5,940, according to the state Department of Insurance. Chartis Insurance earthquake coverage rates are going down 15%, with average annual premiums dropping to $6,061 from $7,292, the Department of Insurance said. Overall savings to consumers will total about $15 million, it said.
CALIFORNIA | LOCAL
November 28, 1995 | ED BOND, SPECIAL TO THE TIMES
Although given preliminary approval by the state Legislature and Gov. Pete Wilson, the future of the proposed California Earthquake Authority is in doubt. The privately financed, publicly managed agency would sell earthquake coverage on behalf of insurance companies and limit insurers' losses in the event of a catastrophe such as the Northridge earthquake. Insurance industry experts have predicted the total payout for the 1994 temblor could exceed $12.5 billion.
REAL ESTATE
November 28, 2004 | Jeff Bertolucci, Special to The Times
More California homeowners are passing on earthquake insurance. Between 1999 and 2003, there was a 52% decline in the number of earthquake policies in the state, according to the California Department of Insurance. Today, less than 15% of California homes have the coverage. Since a standard homeowners' policy doesn't cover earthquake damage, the vast majority of consumers will have to rely on federal grants or loans -- or their own bank accounts -- to pay for any future quake-related repairs.
CALIFORNIA | LOCAL
August 9, 1996
"Insurers Are Finding a Friend in Quackenbush" (editorial, Aug. 2) mentions that there is more than one way to approach the earthquake insurance problem. That is a given. The Northridge earthquake put 20th Century Fire and Casualty out of business. There is no actuarial method of determining an adequate premium for earthquake insurance as we know it today. Therefore, any company that sells earthquake policies could be put out of business with the next major earthquake. Does it make sense to say the insurance companies have something to gain with the creation of the California Earthquake Authority, when in reality they just want to be able to stay in business after the next earthquake hits?
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