VANCOUVER, March 26, 2015 /CNW/ - Insurance Bureau of Canada (IBC) applauds and supports the government of British Columbia's report -The Earthquake Preparedness Consultation Report – released today. Among other things, the report recommends that the provincial government, along with the federal government, engage with the insurance industry and other key stakeholders to develop a strategy on disaster resilience and increase public awareness on the need to prepare.
"Preparing Canadians for an earthquake is a strategic priority for Canada's insurance industry," said Bill Adams, Vice-President, Western & Pacific, IBC. "Today's report is an excellent framework for action and we look forward to working with the BC and federal governments on implementing recommendations that help ensure that everyone is better prepared, both physically and financially."
The report echoes the prevailing theme of IBC's earthquake symposium, which took place in Vancouver last October. The symposium, "Preparing Canada for an Earthquake - A National Conversation", brought together experts from around the world to discuss how to strengthen Canada's resilience to earthquake risk. An audience poll at the symposium showed that 89% of those who participated believed that the insurance industry should work with government to explore a public/private partnership to share earthquake risk.
A 2014 Pollara Poll, commissioned by IBC found that Canadians living in vulnerable zones see an earthquake as a valid, but far-off possibility. In fact, an earthquake could strike at any time, its consequences being even more devastating without proper preparation.
In 2013, IBC released a study conducted by AIR Worldwide that estimated the overall costs following a 9.0-magnitude earthquake in British Columbia would be almost $75 billion.
"We all agree we must work together on meaningful solutions. We know our country is prone to earthquakes and we need to continue to build awareness that there is a significant risk. Let's use this report to frame our collective path of action," added Adams.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
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If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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