California earthquake insurance could be shaky if Seismic Safety Commission loses its funding

California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…

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CEA campaign to bring awareness to California residents who don’t have earthquake insurance

An insurance agent marketing program was launched by the California Earthquake Authority with a goal of selling 15,000 policies by August 1 of this year. The Marketing Value Program or MVP is set to improve the relationships between the insuring agents and the CEA such that residents from California will participate in the said program. Since 2008, the earthquake that happened in Christchurch, New Zealand is considered as the most expensive global insurance wherein estimated losses that are insured range from $3 to $12 billion. The same earthquake magnitude is…

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