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50th anniversary of Great Alaskan Earthquake a reminder of current risk: IBC


March 28, 2014   by Canadian Underwriter


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The 50th anniversary of the Great Alaskan Earthquake this week highlights the current risk faced in Canada and worldwide of a catastrophic earthquake, the Insurance Bureau of Canada said Friday.

The three-minute earthquake triggered a tsunami, causing ground fissures and collapsing structures on Vancouver Island, IBC noted. The quake was the most powerful recorded in recent North American history and the second most powerful ever measured by a seismograph, according to IBC.

Last fall, IBC released the results of a study it commissioned on the impact of two possible major seismic events, one in British Columbia and the other in eastern Canada. The B.C. scenario estimated economic losses of $75 billion, with insured losses of $20 billion.

IBC also points to research from Natural Resources Canada, which says Canada has a 30% chance in the next 50 years of being hit with a large earthquake.

“In the last few years, earthquakes have hit many parts of the world – Chile, Haiti, New Zealand and Japan – with devastating consequences. So far, Canada has been fortunate but we are not immune,” Bill Adams, IBC’s vice president for the Western and Pacific regions commented in a press release.

“The question is not if, but when, the next major quake will happen. If a mega-earthquake strikes a densely populated area, the insurance industry would play a key role in the recovery. That’s why our industry has made preparing Canada for an earthquake one of its strategic priorities.”


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