Making Canadian Homeowners Better Protected Financially from Catastrophic Earthquake Risks

Earthquakes pose significant risks to many Canadian homeowners in British Columbia, Quebec, and Eastern Ontario. Many homeowners in these regions have not purchased earthquake insurance for their homes, and recent surveys suggest that most Quebec homeowners are unaware that earthquake loss is not covered in their general insurance plans. If a devastating earthquake were to occur in one of these regions, homeowners would be left vulnerable, unprotected, and very frustrated. A solution to this current problem is a general earthquake insurance pool. Our objectives include the development of state-of-the-art earthquake loss models that quantify the loss experienced by all stakeholders, should an earthquake event occur. The second loss model will quantify the financial loss to homes in worst-case scenario events. The last objective is to come up with a loss pool that is suitable for all stakeholders. The completion of the previous objectives will be crucial in accomplishing this task.

Faculty Supervisor:

Katsuichiro Goda

Student:

Partner:

Institute for Catastrophic Loss Reduction

Discipline:

Earth science

Sector:

Finance and Insurance; Professional, scientific and technical services

University:

The University of Western Ontario

Program: