This article was last updated on April 16, 2022
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An extremely unique report authored by the Insurance Bureau of Canada (IBC), released this morning, has highlighted that any severe earthquake off the south coast of B.C., which may bring a tsunami, will result in estimated $75 billion in damages to buildings, bridges and pipelines. Additionally, the costs will include loss endured from interruptions in business and services.
The IBC has found in the study that B.C. and Canada is not prepared for the “big one.” The one of its kind $1-million study was initiated in light of growing threats over the extensive damage from earthquakes in Chile, Haiti, Japan and New Zealand in 2010 and 2011. President at IBC, Don Forgeron, alleged in the report that the sobering news is a call to better prepare for a catastrophic event, said. He elucidated that “(an earthquake) could result in the loss of life, property damage, and the devastation of many communities. As the study reveals to us today, Canada faces a major risk for which we are clearly not prepared.”
A study of this complexity has been conducted after more than 20 years, as the report modelled an earthquake of 9.1 magnitude in the Western Cascadia subduction zone, i.e. where two continental plates meet. It was highlighted that the zone has the potential of sparking very large earthquakes if the two plates overlap, rupture or slip. The last such earthquake took place just more than 300 years ago. The study authored by global risk-modelling experts, AIR Worldwide, straightforwardly concludes that damage caused by modern version could be devastating.
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