The Insurance Bureau of Canada today called for the creation of an ongoing working group between the insurance industry and the B.C. government to ensure that residents of the province are protected as best as possible against a major earthquake.

Two strong quakes took place south of the Queen Charlotte Islands on Saturday. They are a stark reminder that much of the Lower Mainland and Vancouver Island are also seismically sensitive areas, IBC says.

“The property and casualty insurance industry and the government need to work more closely together to review best practices in other earthquake-prone zones around the world on an ongoing basis to make sure that British Columbians benefit from the latest knowledge about managing earthquake hazards,” says Mark Yakabuski, president & CEO, IBC.

“Methods to protect citizens from major earthquakes have improved substantially around the world in recent years and we need to make sure that B.C.’s policies reflect the best that is out there,” he adds.

“Part of this effort needs to focus on how best to disseminate information to the public. IBC is already committed to public education on earthquake risk and will be accelerating these efforts in the months to come,” says Lindsay Olson, IBC’s vp, B.C., Saskatchewan & Manitoba,

“It is estimated that a major earthquake in Vancouver would result in damages of more than $30 billion,” she adds. “Of that amount, about $6 billion would be insured damages. The exposure faced by B.C. residents is huge and the insurance industry wants to work with the government to manage this danger in the best possible way.”

Headquartered in Toronto, IBC is the national trade association of the property and casualty insurance industry. Its member companies provide nearly 95% of the private home, car and business insurance sold in Canada.