A new report shows 92% of British Columbians face earthquake risk

IBC urges federal action to improve preparedness and ensure financial resilience after a catastrophic earthquake

VANCOUVER, British Columbia, Nov. 20, 2025 /PRNewswire/ – British Columbia's newly released Disaster, Climate Risk and Resilience Assessment (DCRRA) report highlights the staggering toll a major earthquake could take on the province.

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The report finds that 92% of the province's population and 90% of regional businesses are exposed to earthquake risk. He goes on to point out that a magnitude 9 earthquake would:

Leads to total economic losses of $128 billion;

Cut economic growth by half, which will result in 43,700 job losses over the next ten years; and

Bringing the potential for human and economic devastation beyond the combined impact of all the disasters the province has seen over the past 200 years.

“This report makes clear what is at stake for British Columbians,” said Aaron Sutherland, vice-president of the Insurance Bureau of Canada Pacific and West (IBC). “It is a question of when a major earthquake will occur in British Columbia, not if, and this new tool from the province is a powerful example of the devastating impact such an event will have.”

For decades, insurance companies in Canada have sounded the alarm about the effects a devastating earthquake would have on British Columbia and the broader Canadian economy, and for good reason: Natural Resources Canada estimates the province has a 30 per cent chance of experiencing a major earthquake within the next 50 years.

The property and casualty (P&C) insurance industry has a strong stake in earthquake preparedness in Canada. While the industry is among the best capitalized globally, a catastrophic earthquake would exceed the capacity of even the most resilient insurance system and lead to ripple effects throughout the economy. The IBC has long called for a federal solution that would allow the government to step in alongside insurers in the aftermath of a catastrophic earthquake — protecting people, businesses and the economy while supporting the recovery. Canada remains the only country in the G7 that faces significant earthquake risks and lacks such a mechanism.

“A catastrophic earthquake would threaten the stability of Canada's financial system and is among the greatest risks to our economic viability,” said Liam McGinty, vice president of federal affairs at IBC. “That's why IBC welcomed the recent federal budget's recognition of the earthquake risks facing Canadians and the Canadian economy.”

The 2025 Federal Budget announces the government's intention to consult property and casualty insurers and other interested stakeholders on ways to ensure the stability of Canada's insurance system in the event of a severe earthquake.

“The federal commitment is an encouraging step, but it is just a first step,” McGinty said. “Canada must act quickly to ensure British Columbians and the Canadian economy are protected from the financial fallout from a catastrophic earthquake. Canada's property and casualty insurers look forward to working with the government to explore solutions at the earliest opportunity.”

The DCRRA report draws some of its analysis from a 2016 Conference Board of Canada report, “Earthquake Risk in Canada: Macroeconomic Impacts and Systemic Financial Risks.” IBC estimates that the numbers would certainly be higher today, given BC's continued population growth and construction activity in the past decade.

The report also includes a new risk insights tool with an interactive map that can be used to better understand different risks and hazards at the provincial and regional level. The Hazard Insights tool is a critical resource for emergency managers, planners, and professionals working to strengthen county resilience.

About the Insurance Bureau of Canada

Founded in 1964, the Insurance Bureau of Canada (IBC) is the national industry association representing private home, auto and business insurers in Canada. Its member companies make up the vast majority of Canada's highly competitive property and casualty (P&C) insurance market.

As the primary advocate for private property and casualty insurers in Canada, IBC partners with governments, regulators and stakeholders to support a competitive environment for the property and casualty insurance industry to continue to help protect Canadians from the risks of today and tomorrow.

IBC believes that Canadians value and deserve a responsive and flexible property and casualty private insurance industry that provides insurance solutions for both individuals and businesses.

For media releases, IN Focus articles, or to book an interview with an IBC representative, visit ibc.ca. Follow us on LinkedIn, X, Instagram, and like our Facebook page. If you have a question about home, auto or business insurance, call IBC's Consumer Information Center at 1-844-2ask-IBC. We are here to help.

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