The public may be apathetic towards the threat of a major earthquake, but insurers should take note as British Columbia is thinking ahead
The public may not be too concerned, but insurers should be bracing themselves for the potential of a major earthquake near British Columbia, at least if recent government action is to be believed.
Insurance Bureau Canada believes that not only is human life at risk, but there could also be a serious impact on the province’s finances. Its estimate is that an earthquake in the province would cost around $75billion.
The powers-that-be in the south-west of the province have gradually been setting aside millions of dollars for both construction and seismic upgrades as they anticipate the arrival of the so-called “Big One”.
A lot of the work has been incremental – for example, several new construction sites have been asked to include earthquake resistant materials – but it has been enough to earn praise from John Sherstobitoff, who is a seismic specialist. He has been delighted with the province’s efforts to be prepared for an impending disaster and believes that leaders have learned well from other jurisdictions.
In addition, Vancouver has gradually been replacing its watermains with an increasingly resilient ductile iron. It is also assessing its municipal buildings – of which there are 560 – with the potential for seismic upgrades. The province of British Columbia itself, meanwhile, has set aside $2.2billion to replace or upgrade 342 schools that are thought to be at risk from the potential earthquake.
So just how likely is another serious earthquake?
According to scientists, there is a one in 10 chance of such a quake occuring within 50 years as pressure builds between two undersea plates within the Cascadia subduction zone, which is close to Vancouver Island. The slabs slipped in 1700 with a quake leading to the decimation of the northwest coastline and a four-storey tsunami surging across the ocean before slamming into Japan.
Insurance Bureau Canada believes that not only is human life at risk, but there could also be a serious impact on the province’s finances. Its estimate is that an earthquake in the province would cost around $75billion.
The powers-that-be in the south-west of the province have gradually been setting aside millions of dollars for both construction and seismic upgrades as they anticipate the arrival of the so-called “Big One”.
A lot of the work has been incremental – for example, several new construction sites have been asked to include earthquake resistant materials – but it has been enough to earn praise from John Sherstobitoff, who is a seismic specialist. He has been delighted with the province’s efforts to be prepared for an impending disaster and believes that leaders have learned well from other jurisdictions.
In addition, Vancouver has gradually been replacing its watermains with an increasingly resilient ductile iron. It is also assessing its municipal buildings – of which there are 560 – with the potential for seismic upgrades. The province of British Columbia itself, meanwhile, has set aside $2.2billion to replace or upgrade 342 schools that are thought to be at risk from the potential earthquake.
So just how likely is another serious earthquake?
According to scientists, there is a one in 10 chance of such a quake occuring within 50 years as pressure builds between two undersea plates within the Cascadia subduction zone, which is close to Vancouver Island. The slabs slipped in 1700 with a quake leading to the decimation of the northwest coastline and a four-storey tsunami surging across the ocean before slamming into Japan.
