Earthquake Study By assessing the overall costs of a potential 7.1-magnitude earthquake in Quebec and a potential 9.0-magnitude earthquake in British Columbia, an IBC study shows that the country is not prepared for a major seismic event. Released in 2013, the “Study of Impact and the Insurance and Economic Cost of a Major Earthquake in British Columbia and Ontario/Québec” report summarizes the impact and costs of an earthquake. An Earthquake Wake-Up Call for CanadiansIBC’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 regionally as well as cause a domino effect on the economy of Canada.Groundbreaking StudyThe 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. Earthquake Study - Results at a GlanceEconomic impact of a major earthquake in Canada - Study Highlights Earthquake - Be Prepared Not ScaredEarthquake insurance generally covers loss or damage caused to your property and its contents by the actual shaking of the earth. Coverage for earthquake damage is not included in a standard home insurance policy but can be purchased as an add-on to your existing policy. Earthquake insurance is subject to a higher deductible. Related ServicesTelling the Weather StoryTelling the Weather Story provides a greater understanding, based on the best available peer-reviewed science, about how weather patterns have changed in the past and how they are expected to change in the future. Useful LinksDisastersAm I covered? When can I start to rebuild? In the wake of a disaster, there are many questions to consider. About UsInsurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies represent 90% of the Canadian property and casualty (P&C) insurance market. Contact UsIBC has consumer information centres in each of its regional offices to address your specific questions. If IBC’s information officers do not know the answers to your questions, they will direct you to someone who does.