Canada is not prepared to handle a major earthquake, and the economic impact of a major earthquake would be significant, according to a new study released Tuesday (October 29) by the Insurance Bureau of Canada (IBC).
“Insurers, governments and all Canadians have a responsibility to prepare,” said Don Forgeron, the President and CEO of the IBC. “If a mega-earthquake should strike in a densely populated area, insurance alone will not pay for all the damage. Governments and consumers have a role to play.”
“The good news is that positive action reduces the risks,” added Mr. Forgeron.
The study was prepared by AIR Worldwide, described by IBC as global experts in catastrophe modeling. The Insurance Bureau of Canada represents Canada’s private home, car and business insurers.
The Insurance Bureau hopes to stimulate a national conversation on earthquake preparedness.
More information:
IBC press release – Canada not prepared for a major earthquake, new study warns – here
Full report (pdf) – here
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