The California Catastrophe Reinsurance Partnership (CCRP).
The California Catastrophe Reinsurance Partnership (CCRP) is Dr. Sean Lee's proposed public-private catastrophe reinsurance partnership. It absorbs the wildfire and catastrophe risk private insurers cannot price on their own, so carriers can write homeowner policies in California again, premiums stabilize, and the FAIR Plan shrinks back toward a true insurer of last resort. It is funded by actuarially fair premiums from participating insurers, not by taxpayers.
The problem
California homeowners face rising premiums, policy non-renewals, insurer withdrawals, growing dependence on the FAIR Plan, and increasing wildfire exposure. Seven of the top twelve insurers have pulled back from writing new homeowner business. The market is not failing by accident; the structure underneath it was never built for catastrophe risk this large.
The proposed solution
A public-private catastrophe reinsurance partnership designed to improve market stability and expand insurance availability. CCRP leverages the strengths of both the public and private sectors to manage catastrophe risk that no single carrier can shoulder alone.
What CCRP would do
Strengthen access to affordable and reliable insurance coverage.
Reduce volatility and encourage insurers to keep serving California.
Combine the strengths of the public and private sectors to manage catastrophe risk.
Improve the long-term sustainability of California's insurer of last resort.
Support modern catastrophe modeling, data, and mitigation for a more resilient future.
Strengthen oversight and build public confidence in the insurance system.
How CCRP could help
Spread wildfire risk more efficiently, improve predictability for insurers, and strengthen long-term market resilience. The expected benefits: greater access to insurance coverage, improved competition, stronger preparedness, and reduced dependence on emergency interventions after a disaster.
First 90-day commitment
In the first 90 days, Dr. Lee would launch stakeholder consultations, convene insurers and consumer advocates at the same table, evaluate implementation options, and develop a public framework so the structure is built in the open.
What CCRP is not
Not a taxpayer bailout. Not a state-run insurance company. Not new bureaucracy without offsetting savings. CCRP is a structural backstop funded by participating insurers, built on the same proven mechanics behind federal flood insurance and the Florida Hurricane Catastrophe Fund, adapted for California's specific exposures.