Today, the federal government expanded its Earthquake Early Warning system to Quebec and eastern Ontario. Following the announcement, Liam McGuinty, Vice-President, Federal Affairs, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC applauds the federal government for expanding its Earthquake Early Warning system from western British Columbia to two other earthquake-prone zones: namely, Quebec and eastern Ontario. At the first sign of an earthquake, the system will provide a critical alert for those in harm’s way.
“Canada experiences thousands of earthquakes every year. And while most are minor, there are regions in Canada where a major earthquake could have devastating consequences.
“The property and casualty (P&C) insurance industry welcomes this initiative to improve the security and safety of Canadians. We also welcome the federal government’s recent commitment to consult with the P&C insurance industry on ways to ensure the stability of Canada’s financial sector in an extreme earthquake event.
“Canada is the only G7 country with a significant earthquake risk that lacks a formal government-backed financial safety net for earthquake insurance. Without it, a major earthquake could trigger widespread financial instability, impacting consumers, businesses and even Canada’s economic resilience.
“IBC is eager to partner with the government to quickly find a solution that will protect Canadians and the broader economy in the aftermath of a catastrophic earthquake and address the risks associated with a seismic event to the Canadian economy.”
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