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CEA report lays out three pathways and emphasizes unavoidable trade-offs
Summary
The California Earthquake Authority's SB 254 study groups reform options into three broad pathways—risk reduction, equitable allocation of catastrophe burdens, and state-led systemic tools—and frames each option by the trade-offs it creates among survivors, ratepayers, insurers and utilities.
Tom Welsh, chief executive of the California Earthquake Authority, told the Assembly committee that the SB 254 study was designed as an inventory of "pathways," not as a set of single recommendations. He described a process of broad stakeholder engagement, four workstreams, and a convergence process that produced three overarching pathways: investments in mitigation; options to allocate catastrophic losses; and large-scale, state-led protection-gap solutions.
"The report is laden with trade offs," Welsh said, and he repeatedly urged the legislature to weigh the costs and benefits of each pathway. The report lists nine strategies and dozens of options intended to be combined as lawmakers see fit; Welsh emphasized that many options are mutually inconsistent and that survivability and affordability concerns must both be balanced. RAND economist Lloyd Dixon and other panelists provided quantitative context about the scale of liabilities and litigation costs to inform those trade-offs.
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