Answer: California Earthquake.
On October 20, nearly 10 million people will participate in the Great California ShakeOut, a statewide earthquake preparedness drill. Since the first ShakeOut in 2008, participation has grown every year as families and businesses are interested in preparing their loved ones and employees for a big earthquake.
It makes me wonder if as many people are prepared fiscally. Personally, I have earthquake insurance, as do 1.15 million other Californians. Yet this is only 10% of the homes insured for fire in the state. I want to live in a resilient community and I believe my neighbors do as well. Is 10% insurance penetration enough to be considered resilient? What does my neighborhood look like after the next big earthquake? Is my community prepared to respond to the destruction? Will the roads be okay for my children to get to school? Will I have access to water? How many people will leave the state because they can't afford to rebuild here?
Swiss Re will host an earthquake symposium next week in Sacramento, bringing together thought leaders on the topic of the California Protection Gap. This includes various stakeholders representing the financial, civil, consumer, regulatory, and scientific communities who have expressed an interest in this important topic. We will brainstorm how we can work together to build resiliency in California.
If you have ideas or topics that you think we should discuss, let us know and please share them below.
Category: Climate/natural disasters: Earthquakes, Resilience