IBC earthquake symposium to build awareness

VANCOUVER, Oct. 14, 2014 /CNW/ - Insurance Bureau of Canada's earthquake symposium – Preparing Canada for an Earthquake: A National Conversation – beginning tonight in Vancouver, BC, will bring together experts from around the world to discuss how to strengthen Canada's resilience to earthquake risk. Speakers will include federal Minister of Public Safety and Emergency Preparedness, Steven Blaney. CBC host Evan Solomon will moderate the event.

"This symposium and the important discussions it will generate reflect our industry's leadership on an issue destined to affect all Canadians," said Don Forgeron, President and CEO, Insurance Bureau of Canada (IBC). "We will raise awareness of Canada's earthquake risk and stress the need for everyone to be better prepared."

An earthquake impact study conducted by AIR Worldwide in 2013 revealed that the economic impact of a 9.0 magnitude earthquake in Western Canada is $75 billion in total economic losses and $20 billion in insured losses. A 7.1 magnitude quake in the Ottawa-Montreal-Quebec City corridor would result in $60 billion in total economic losses and $12 billion in insured losses.

A recent 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, and its consequences would be no less than devastating.

"This is about working together for meaningful solutions. We know our country is prone to earthquakes and we need to continue to build awareness that there is a significant risk. We need to be ready physically and financially. This symposium is an important beginning," added Forgeron.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The private P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes and levies to the federal, provincial and municipal governments, and has a total premium base of $48 billion.

To view media releases and other information, visit the media section of IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE: Insurance Bureau of Canada

To schedule an interview, please contact: Celyeste Power, Manager, Media Relations, Insurance Bureau of Canada, 416-362-2031 ext. 4312 (office), 647-384-9872 (after hours), [email protected]