New pricing model for CEA

US

The California Earthquake Authority (CEA) said it will use a new model to calculate the pricing for its insurance coverage. The CEA says that the new model, which is a collaboration by the United States Geological Survey, the California Geological Survey, and the Southern California Earthquake Center, allows for more uniform and accurate determination of seismic hazard throughout California. CEA chief executive Glenn Pomeroy described the Uniform California Earthquake Rupture Forecast as the first state wide, uniform scientific system to determine the probability of earthquakes. Previously, the science used in determining CEA earthquake insurance rates differed depending on whether the insured property was located in Northern California or Southern California.