An Overview of the California Earthquake Authority

摘要

The California Earthquake Authority (CEA) is a one-off, public catastrophe-insurance organizations often seem to be that—formed to replace dysfunctional private insurance markets—but each unique to its own political and economic setting. The CEA owes its existence to a single earthquake over 20 years ago and a 1980s-era state law: Without the 1994 Northridge earthquake and the 1985 law requiring sellers of home insurance in California to offer earthquake insurance, there would be no CEA. And without appreciating its primary legal columns of support, the CEA cannot be fully understood (See Figures 1 and 2).