What year was the CEA Created and Founded?
When did the California Earthquake Authority sell its first policy?
How Old is the CEA?
When was the CEA Created?
The CEA was created in 1996 by the state of the California Legislature. “There is hereby created the California Earthquake Authority, which shall be administered and governed by the governing board described in Section 10089.7 under the authority of the commissioner and overseen by the California Catastrophe Response Council solely with regard to any administrative or support services the authority may provide to, or for the benefit of, the Wildfire Fund created pursuant to Section 3284 of the Public Utilities Code or the Wildfire Fund Administrator appointed pursuant to Section 8899.72 of the Government Code…” California Code 100896
The code goes on to explain that: “the authority shall be authorized to transact insurance in this state as necessary to sell policies of basic residential earthquake insurance in the manner set forth in Sections 10089.26, 10089.27, and 10089.28. The authority shall have no authority to transact any other type of insurance business.”
“The CEA was Created in 1996″
When Did the California Earthquake Authority Sell its First Policy?
It is assumed that the very first CEA mini policies were sold right after the creation of California Earthquake Authority through their partner propery insurers in 1996 as well. The CEA sells policies solely through partner home and dwelling insurers. One cannot simply purchase a standalone CEA policy.
How Old is the CEA?
Counting from the year 2021, the CEA is now about 25 years old since its inception. The California Earthquake Authority was created by state statue in 1996. The CEA states that they have over One Milliion policyholders.
“The CEA is about 25 Years Old”
Is the CEA the Only Provider of Earthquake Insurance in California?
No, the California Earthquake Authority is NOT the only provider of earthquake insurance in the state of California. Numerous other CEA Alternatives or independent earthquake vendors supply policies and policy estimates to most residents of the state. The CEA however is the predominant provider of policies in the state. The CEA is aligned and partnered with numerous homeowners insurance companies.
“The are Numerous Alternatives to the CEA for Earthquake Insurance”
What Does the CEA stand for?
The CEA stands for the California Earthquake Authority.
Why Does it Matter How Old the CEA Is?
More than likely it does not really matter how old the CEA is. However some people consider how long an insurer has been in business in paying claims in their risk management decision. Older insurers are sometimes considered better insurers. Certainly a brand new insurer might seem sketchy to some.
Is the CEA the Oldest Earthquake Insurer in the State of California?
If you come upon the answer to this, please let us know. QuakeCov does not know with enough certainty who the oldest earthquake provider is in California.
How many Properties Does the CEA Insure?
As of 2022 the CEA as well over 1 Million properties insured. Of course this number increases [or possibly decreases] each year. According to the CEA themselves this is roughly 2/3 or all residential EQ policies.
How Did the California Earthquake Authority Get its Name?
The CEA derives its name from California Code 100896. This was in 1996.