A 2.6 magnitude quake in southern New Brunswick only rattled a few residents, but it may shake up awareness for earthquake coverage throughout Atlantic Canada.
Natural Resources Canada says an earthquake was recorded in Saint Andrews, N.B. Wednesday morning, 10:20 a.m. local time.
Although a rare occurrence, it proves a point that earthquakes can strike anywhere, making for a strong argument for brokers to use when speaking to clients.
“The risk of a major earthquake affects us all, not just those living in high-risk areas,” says Don Forgeron, president and CEO of the Insurance Bureau of Canada. “Events of this magnitude have a domino effect on the Canadian economy triggered by property damage, supply chain interruption, loss of services, infrastructure failure and business interruption.”
There is at least a 30 per cent chance that an earthquake strong enough to cause significant damage will strike this area in the next 50 years. Anticipated total direct and indirect losses have been forecast by an AIR Worldwide study at $74.7 billion.
Clients living in Ontario and Quebec can’t say ‘it will never happen here,’ as the same study shows that the Ottawa and St. Lawrence River Valley regions also fall into a high-risk area – with a 5-15 per cent chance that a strong earthquake will strike in the next 50 years.
According to the NRC website, it received some reports Wednesday of weak to light shaking from residents living in and around Saint Andrews, while others reported no effects at all.
The 2.6-magnitude earthquake on the Mercalli intensity scale means the earthquake was felt by few people.
