Grant: Alliance Grants

Earthquakes pose potentially substantial risks to homeowners in the region of Saint Lawrence (i.e., Ottawa-Montreal-Quebec City corridor). Many homeowners in the region have not purchased earthquake insurance for their homes, and recent surveys suggest that most Quebec homeowners are unaware that their general insurance policies do not cover earthquake damages. If a devastating earthquake were to occur in the region, homeowners would be left vulnerable, unprotected, and very frustrated. To address this important problem, a multi-institutional team (Western, McMaster, and McGill) was formed by bringing together interdisciplinary expertise and complementary skills in geology, geophysics, seismology, earthquake engineering, catastrophe modelling, and financial analysis, in strong partnership with Institute for Catastrophic Loss Reduction (ICLR). We will develop new regional earthquake risk models that can quantify the expected as well as upper-tail financial seismic risks of homeowners and the insurance industry in the Saint Lawrence region by incorporating the latest geomorphological data and geophysical modelling results and by accounting for uncertainties associated with earthquake rupture scenarios. The results from the developed risk models will be used to improve the current earthquake insurance risk policies by informing the design of a new approach that will enhance the financial preparedness of homeowners in the Saint Lawrence region. Ultimately, this Alliance partnership will promote the adoption and advancement of seismic resilience and preparedness in Canada in harmony with the UNISDR's Sendai Framework for disaster risk reduction.