Following a tsunami warning that was later cancelled in BC, the Insurance Bureau of Canada (IBC) has issued a statement warning everyone to be prepared.

“Preparing Canada for an earthquake is a priority for Canada’s property and casualty insurance industry. But we cannot do it alone,” said IBC president of federal affairs Craig Stewart. “The private sector, governments, communities, and all Canadians must work together to make sure we are prepared for an earthquake.”

Early yesterday, a magnitude 7.9 earthquake occurred just off the coast of Alaska, 25 kilometres underwater. Reports say that there were at least three aftershocks following the initial tremor.

The quake prompted a tsunami warning for the coast of British Columbia, but the warning was later cancelled.

The IBC noted in its statement that about 4,000 earthquakes are recorded in Canada each year. Although most of them are too small to be felt, Natural Resources Canada estimates that there is a 30% chance that a considerable tremor could hit British Columbia within the next five decades.

Standard home insurance policies do not cover earthquake damage, IBC noted. However, earthquake coverage may be available as an add-on to those policies, the bureau added.


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