1 CALIFORNIA EARTHQUAKE AUTHORITY ANNUAL REPORT TO THE LEGISLATURE AND INSURANCE COMMISSIONER ON PROGRAM OPERATIONS (Insurance Code section , subdivision (a)) Brief Background California Earthquake Authority The California Earthquake Authority (CEA) was formed through legislation in 1995 and 1996 to address an insurance-availability crisis that followed the 1994 Northridge earthquake. After that earthquake, many homeowners found it difficult, and in some cases impossible, to find basic homeowners insurance. Many others were faced with the prospect of having their homeowners insurance non-renewed as insurance companies tried to shed their exposure to earthquake risk. Because state law requires insurers to offer earthquake insurance to their applicants and holders of residential policies, the insurers retreat from the California market resulted in an availability crisis for both homeowners and earthquake insurance. The California Department of Insurance ( CDI ) reported in the summer of 1996, at the height of the crisis, that 95 percent of the homeowners insurance market had either stopped, or severely restricted, sales of new homeowners policies. After the CEA began operations on December 2, 1996, the recovery of the California homeowners-insurance market was dramatic and swift. A Department of Insurance report noted that at the peak of the availability crisis, 82 insurers had restricted the sale of new homeowners policies by contrast, by October 1997 only three insurers were restricting the sale of new policies. The CEA is the largest earthquake insurer in California, with over 65% of the residentialearthquake-insurance market; CEA participating insurers are responsible for almost 80% of California s residential property insurance. Current Market Conditions Residential Property Insurance Market California Department of Insurance (CDI) year-end-2010 data once again indicates an increase in policy numbers in the statewide residential property insurance market: In 2010, over 9.6 million policies were sold compared to the previous year s 9.5 million. (See Attachment A: California Department of Insurance, Summary of 2010 Residential & Commercial Market Totals.) The following totals are statewide, for all insurers writing residential property insurance in California: Residential Homeowners (Dwelling) Policies totaled 6,075,092 Residential Condominium Unit Policies totaled 685,533 Manufactured Home (Mobilehome) Policies totaled 264,402 Rental Policies totaled 1,241,952 Dwelling Fire Policies totaled 1,386,480
2 Earthquake Insurance Market 2010 Based on the total number of residential earthquake insurance policies written in 2010, CEA and non-cea companies together accounted for 1.14 million earthquake policies statewide. CEA Earthquake Response in 2010 The CEA and its participating insurers responded to 371 policyholder claims in 2010, resulting in payments of $68,320. The year 2010 had the largest number of CEA claims since 2003, when the San Simeon earthquake struck California s Central Coast. On January 9, 2010, California started the year with a 6.5 earthquake, epicentered in the Pacific Ocean some 22 miles off the Northern California coast. Ferndale and Eureka were the closest cities to the epicenter, and while many people reported having felt the earthquake, there was very little new earthquake damage to homes, primarily because of their substantial distance from the epicenter. The CEA received 27 claims and was able to make two payments totaling $22,214. On April 4, 2010, there was a 7.2 earthquake in Mexico, 30 miles south of the California town of Calexico. The CEA received 164 claims from this earthquake (CEA insures only properties located in California but does not restrict claim payments based on the location of earthquakes outside California s borders). Most of the $46,166 CEA paid in claims from this earthquake was on account of damage to manufactured homes ( mobilehomes ) close to the border. The earthquake was widely felt throughout San Diego and Imperial counties, and most claims were from insureds who were seeking an inspection of their homes. These inspections were completed by CEA participating insurers; because of the substantial distance from the epicenter to the claimants homes, it was determined that any new (covered) earthquake damage was minor and did not clear the CEA insurance-policy deductible. California experienced a large number of small earthquakes in 2010 that generated the remainder of the CEA s claims. The CEA regularly receives claims from CEA policyholders who have felt small earthquakes and want their homes inspected for earthquake damage. Each claim is fully investigated by a CEA participating insurance company, and when necessary, an engineer is used to determine the cause of all new damage. For all such claims reported in 2010, the damage (mainly cracks) were determined to be minor and non-structural, or caused by other than earthquake shaking. CEA Operational Developments in 2010 CEA Policy Growth The CEA ended 2010 with 811,317 policies-in-force, which represents a 1.38% increase in policy count compared to year-end It is the CEA s view that the increase was attributable to a notable increase in consumer interest in residential earthquake insurance, which was triggered by the following series of significant events: California Earthquake Authority: Annual Report to the Legislature Page 2
3 January 9, Magnitude earthquake o 43km (27 miles) W of Ferndale, CA, Humboldt County January 12, Magnitude earthquake o 25km (15 miles) WSW of Port-au-Prince, Haiti February 27, Magnitude earthquake o 100km (60 miles) NNW of Chillan, Chile April 4, Magnitude earthquake o 17km (11 miles) WSW from Guadalupe Victoria, Baja California, Mexico The CEA experienced its largest organic growth in policies-in-force during the period beginning February 2010 and ending May Many of the gains achieved in the first half of 2010, however, were lost in the second half as the frequency of earthquakes dropped off and consumers began reconsidering their insurance-purchase options. New Chief Actuary Shawna Ackerman, FCAS, MAAA, joined the CEA on October 1, 2010, as the CEA s Chief Actuary. A veteran of some 20 years in the property and casualty insurance industry and with California s insurance commissioner, Ms. Ackerman s diverse work experience and outstanding credentials match perfectly with the CEA s needs. Ms. Ackerman is uniquely qualified for this critical role on the CEA s executive-management team, having served as the CEA s independent consulting actuary for over ten years. For the seven years before she joined the CEA, Ms. Ackerman served as a principal and consulting actuary at Pinnacle Actuarial Resources, Inc., where she acted as an independent advisor to insurance companies (and to the CEA), state and local governmental entities, and trade associations on actuarial matters for all lines of property and casualty insurance. Her responsibilities included evaluations of the liabilities of insurance companies, financial modeling, and rate-level studies. In addition, Ms. Ackerman has provided testimony in legislative and regulatory hearings, including three contested rate hearings regarding California residential earthquake insurance and the use of commercial-earthquake-model output. Ms. Ackerman began her career as an actuary at the California Department of Insurance (CDI), where she served for nine years. While at the CDI, she advanced through the ranks to Senior Casualty Actuary while pursuing and attaining her professional designations as a Fellow of the Casualty Actuarial Society (CAS) and a Member of the American Academy of Actuaries (AAA), which she attained in 1996 and 1998, respectively. New CEA Participating Insurers In 2010, the CEA Governing Board approved applications from Nationwide Group and Metropolitan Direct Property and Casualty Insurance Company ( MetDirect ) to become CEA participating insurers. The Governing Board unanimously approved the applications, conditioned on payment by each insurer of up to five annual risk capital surcharges as provided California Earthquake Authority: Annual Report to the Legislature Page 3
4 by Insurance Code sec (d) (the surcharge is imposed in addition to the standard, statutory capital contributions and assessment obligations). Nationwide plans to begin writing CEA business in November MetDirect is targeting CEA implementation for mid-year Risk Capital Surcharge - Insurance Code Section (d) Safeco Insurance Company of America ( Safeco ) became a participating insurer of the California Earthquake Authority and began offering earthquake insurance coverage for California residential property through the CEA for new and renewal policies, effective on and after December 1, Safeco was the first insurer to apply to become a CEA participating insurer since passage of Senate Bill 430 (Insurance Code sec (d)), which became effective July 1, As part of the CEA application process, and as required by the new law, Safeco submitted policy data to the CEA for its earthquake-insurance book of business. The data allowed the CEA staff to complete an earthquake-insurance risk profile, using EQECAT modeling to determine the current likelihood and magnitude of additional CEA losses that would be attributable to insuring Safeco s book of earthquake-insurance business during Safeco s first full year of CEA participation. Based on staff analysis of Safeco s earthquake-insurance risk profile, on June 28, 2008, the Governing Board unanimously approved Safeco s application, conditioned on payment by Safeco of up to five annual risk-capital surcharges in addition to the standard statutory initial capital contribution and any participating-insurer assessment obligations. Under the law, the Board must calculate the first annual risk-capital surcharge one year after the date the new participant first placed or renewed business into the CEA; in addition, the Board must recalculate the risk-capital surcharge for each of up to four years after the first year's calculation and then impose the resulting surcharge(s) in the respective ensuing years. Once the insurer s earthquake-insurance risk profile becomes substantially similar to the CEA s average risk profile for a CEA book of business of similar size, the Board must relieve the insurer of further obligation to pay risk-capital surcharges. The law also provides that each annual risk capital surcharge must equal the CEA s increased cost of providing or securing capacity to insure the new participant s excess earthquake insurance risk. The law requires full payment of a noticed risk-capital surcharge within 30 days after it is requested. Penalties and interest can be imposed for non-payment, but the Board may waive the penalties and interest for good cause shown. CEA staff analyzed Safeco s earthquake insurance risk profile as of December 31, 2009, and determined that the addition of Safeco s business was more likely to produce losses for the CEA, or was likely to produce greater losses for the CEA, than would a book of existing Authority business of similar size. As a result, CEA staff recommended, and the Board concurred, that Safeco be required to pay a risk-capital surcharge in the amount of $1,700,000, which represents California Earthquake Authority: Annual Report to the Legislature Page 4
5 the increased cost of providing capacity to insure Safeco s excess earthquake-insurance risk. Safeco paid the surcharge in February CEA Supported Research Projects Because California law requires the CEA to base its rates on the best available scientific information, the CEA continued its commitment to supporting research that promotes the ongoing development of science and earthquake engineering that are relevant to CEA insurance operations and earthquake-loss mitigation activities. In recent years, the CEA supported research and development of the Uniform California Earthquake Rupture Forecast (UCERF), which was completed in UCERF provides, for the first time, a uniformly prepared earthquake-fault-rupture forecast for all of California based on an adequate time-dependent methodology. As a result of this project, the CEA s loss modeler for rate purposes, EQECAT, updated its model to incorporate the results of UCERF. Because EQECAT added these authoritative results into EQECAT s CEA earthquake model, the CEA is assured its rates and rate structure are based on uniform statewide seismic-hazard estimates that represent the best available scientific information. Upon completion of the project, the United States Geological Survey (USGS) also used UCERF in development of important new hazard maps. In 2009, CEA staff identified two new research projects whose results would (further) aid CEA in its mission Uniform California Earthquake Rupture Forecast, Version 3 (UCERF3), and Near-Source Ground Motion Characterization (NGA West 2). The CEA Governing Board approved both for CEA support and funding. As with previous CEA-funded research, these projects represent the CEA s ongoing need for and commitment to advancing the evolution of earthquake science and engineering that support the loss-modeling the CEA uses in rate-setting and other activities, including financial analysis. The UCERF3 and NGA-West 2 projects are continuations of previous research and will provide clear benefit to the CEA, its policyholders, and partners, by substantially improving the loss-modeling required for both financial analysis and ratemaking. During 2010 and in accordance with projections, both the UCERF3 and NGA-West 2 projects remained on target for completion in Consumer and Agent Outreach In 2010, the CEA completed marketing-research studies and pilot projects necessary to earn support from its Governing Board for implementation of a first-ever annualized CEA marketing plan in 2011: Trained 1,386 agents 825 in person and 561 online. CEA increased the number of agents trained annually through scheduling training sessions in targeted locations, promoting company-sponsored training sessions, and offering Webinars. Trained 820 claim adjusters as part of its ongoing commitment to ensure that CEA claims are adjusted promptly, fairly, and consistently. California Earthquake Authority: Annual Report to the Legislature Page 5
6 Completed four comprehensive marketing studies designed to complement related independent social science study recommendations produced in 2008 and 2009: Market research simulated statewide CEA-policy purchase decisions according to local risks. CEA policyholder research identified reasons for record net policy sales in March through April CEA branding research identified a marketing story or "promise" about CEA s purpose. Message research, with co-funding sought by the CEA from the Federal Emergency Management Agency (through the California Emergency Management Agency), developed a communications roadmap depicting the decision-making thought process that would enable different earthquakepreparedness stakeholders (including the CEA) to identify a common message to effectively motivate residents to act. CEA worked (again) as the primary statewide marketer of the second annual Great California ShakeOut earthquake drill helping to earn participation by more than 7.9 million Californians in all 58 counties. CEA marketing strategies from 2008 and 2009 were combined in 2010 to generate nearly 45 million paid-media impressions and distribute more than 1.2 million direct-mail pieces in English, Spanish, and Chinese through more than 2,300 CEA-participating-insurer agents. Residential Mitigation Program Development In 2010, final program cornerstones were completed (in less than 18 months) to establish a firstever statewide residential seismic retrofit program. The efforts positioned the CEA and its Governing Board to transition swiftly from program development to program execution in Established a desired CEA-program reference in the State Multi-Hazard Mitigation Plan, which is renewed every three years. Facilitated adoption of the first-ever California Building Code for the seismic retrofitting of existing residential structures. Supported passage of successful state legislation that authorized the CEA to hire a Chief Mitigation Officer (or CMO ). Completed an RFQ to identify a statewide residential-seismic-retrofit-program administrator to distribute consumer financial incentives and oversee a process to verify project completion and building permits. Neared completion of joint exercise of powers agreement (JPA) with the California Emergency Management Agency. Earned CEA Governing Board approval for the program s start-up funding. California Earthquake Authority: Annual Report to the Legislature Page 6
7 Financial Report In 2006, the CEA issued $315,000,000 in investment-grade revenue bonds, marking the CEA s first entry into the capital markets. During 2009, the CEA redeemed $31,500,000 in outstanding bonds; therefore, at the end of 2010 the CEA had $189,000,000 in revenue bonds outstanding. Financial Stability Ratings During 2010, CEA continued its A-Minus (Excellent) rating from the A.M. Best Co., and the rating has a stable outlook. As important, Best s rating framework continues to recognize the CEA s excellent risk-adjusted capitalization, financial flexibility, extensive risk modeling capabilities, sophisticated management practices and conservative investment policy. California Earthquake Authority: Annual Report to the Legislature Page 7
8 Attachment A: California Department of Insurance Summary: 2010 Residential & Commercial Market Totals California Earthquake Authority: Annual Report to the Legislature Page 8
9 California Earthquake Authority: Annual Financial Report In accordance with California Insurance Code sec , subdivision (b), the California Earthquake Authority reports its finances as of December 31, 2010: Assets Liabilities Cash on hand $96,456,862 Stocks or bonds 4,176,584,412 Premiums receivable 49,595,737 Assessments receivable 3,190,830 Interest receivable 12,350,634 Securities receivable - Unearned ceded premium - Prepaid reinsurance premiums - Equipment, net of depreciation 1,413,255 Deferred participating-insurer commissions and 40,674,396 operating costs Reinsurance premium receivable - Other assets 1,742,495 Losses due and unpaid - Claims for losses resisted by the CEA - Losses in the process of adjustment or suspense - Reported losses - Supposed losses - Revenue bonds Payable 189,000,000 Revenue bonds Interest Payable 5,829,705 Other debt financing - Unearned premium 302,862,221 Unearned commissions - Accounts payable 2,378,089 Income Expenses Premiums received 604,827,689 Interest money received 38,633,733 Installment fees 538,907 Supplemental commissions - Loss adjustment expenses paid 6,195 Losses paid 68,841 Participating insurer commissions 59,970,221 Participating insurer operating costs 20,567,165 Reinsurance broker commissions 4,800,000 Financing expenses 12,958,831 Reinsurance premium 233,488,128 Other underwriting expenses 19,570,601 Attachment B: 2010 Financial Statement California Earthquake Authority: Annual Report to the Legislature Page 9
10 California Earthquake Authority: Summary of CEA Claim-Paying Capacity In accordance with California Insurance Code sec , subdivision (c), the California Earthquake Authority reports this separate financial summary of its base program claim-paying capacity as of December 31, Assets Cash & Investments $4,250,371,635 Revenue Bond Proceeds (313,836,959) Less: Debt Service (25,250,000) Interest Receivable Securities Receivable 12,350,634 - Premiums Receivable 49,595,737 Capital Contribution Receivable 3,190,830 Other Cash-Related Assets 1,742,495 Accounts Payable & Accrued Expenses (2,378,089) Liabilities Unearned premium 222,418,788 Total Available Capital 3,753,367,495 Assessments Reinsurance Bonds Policyholder Surcharges Capital Markets Debt Available for assessment in 1 st IA layer - Assessments previously made from 1 st IA layer - Available for assessment in 2 nd IA layer 1,557,840,000 Assessments previously made from 2 nd IA layer - Available for assessment in New IA layer Assessments previously made from New IA layer [IA = Industry Assessment] 1,095,197,462 - Available in all layers 3,123,000,000 Revenue bonds issued in ,000,000 Revenue bonds outstanding 12/31/ ,000,000 Surcharges assessed - Surcharges outstanding - Capital committed from capital markets - Line of credit available - Attachment C: Summary of CEA Claim-Paying Capacity California Earthquake Authority: Annual Report to the Legislature Page 10
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