|
The Earthquake Study Group is charged to study and report on Earthquake matters of concern to insurance regulators on a quarterly basis. This includes:
- Review and update The Final Report of the Earthquake Study Group (Feb. 2000), so that it provides a basis for understanding and outline for action to be taken by states to respond to earthquake events and risks;
- Work with seismic and actuarial experts to develop recommendations for measures designed to mitigate losses caused by earthquakes;
- Study earthquake modeling assumptions and meet with catastrophe modeling vendors to determine if models adequately handle regional differences in loss exposure;
- Assist states in determining the availability and affordability of earthquake coverage in their states and assist in dealing with market dislocations and affects on rate level caused by exposure to the earthquake peril; and
- Identify strategies to communicate earthquake risk awareness, preparation, loss mitigation and recovery measures to insurers, producers and consumers—Essential
Earthquake Event Planned for December 8, 2009
The Earthquake Study Group of the Property and Casualty Insurance (C) Committee will host an Earthquake Education Event to hear from experts on ways to educate and motivate the public to prepare before an earthquake strikes. The Study Group will also discuss how the latest scientific research is changing modeled losses, current challenges and proposed solutions in earthquake mitigation, and the role of the federal government in natural catastrophe insurance. The Education Event will be hosted in conjunction with the the NAIC Winter National Meeting at the Hilton San Francisco Union Square on December 8, 2009 from 1-5 p.m |
