Earthquake Study

Earthquake Study

​​​​“Study of Impact and the Insurance and Economic Cost of a Major Earthquake in British Columbia and Ontario/Québec” is an IBC report on the impact of two potential earthquakes, including a 9.0-magnitude earthquake in British Columbia.

​​Released in October 2013, the scientific study leaves no doubt that the people of British Columbia and Canada are not prepared for a major seismic event.​

An Earthquake Wake-Up Call for Canadians

IBC’s commissioned earthquake study estimates the overall costs after a 9.0-magnitude earthquake in British Columbia at almost $75 billion. It estimates the costs after a 7.1-magnitude earthquake in the Quebec City-Montreal-Ottawa corridor at almost $61 billion.​​​

The full report quantifies the damage that can be expected. It demonstrates that a major earthquake would have a significant economic impact r​​egionally as well as cause a domino effect on the economy of Canada.

Groundbreaking Study

The study is the first major Canadian research of its kind in 20 years. AIR Worldwide, global experts in catastrophe modelling, conducted the peer-reviewed analysis. Although the two seismic zones studied – British Columbia and the Quebec City-Montreal-Ottawa corridor – cover only a small fraction of Canada’s total area, 40% of Canadians live in these zones.​

​​​Across Canada, many stakeholders are planning for and mitigating the risk of earthquakes. IBC commissioned the report to raise awareness and provide a valuable tool for governments, regulators, disaster preparedness organizations, the banking community, the insurance industry and the public.​