IBAC welcomes Federal Earthquake Solution to protect Canadians

November 6, 2026

TORONTO, ON, November 5, 2026 — The Insurance Brokers Association of Canada (IBAC) welcomes Budget 2026’s commitment to establish the Canadian Earthquake Insurance Facility to protect Canadians and safeguard financial stability following a major earthquake.

We appreciate the federal government’s efforts over the past year to work towards a national solution in consultation with IBAC and other insurance industry stakeholders. Throughout these discussions, IBAC contributed our expertise and brought forward the perspective of insurance brokers who understand both the needs of their clients and the current challenges of the earthquake insurance product. Having a federal government solution in place will provide the necessary conditions for the market to respond over time by improving earthquake coverage and reducing deductible levels.

“Earthquake risk should not be underestimated,” said IBAC CEO Peter Braid. “British Columbia and Quebec face the highest probability, and the economic fallout would be devastating for those living in affected communities. But it doesn’t stop there; the resulting financial upheaval and instability would cascade throughout the national economy. All Canadians can be reassured by today’s announcement.”

We are also pleased that this is truly a national solution with the intention to extend access to provincially regulated insurers as well. We look forward to continuing to work with government and our industry colleagues as the Facility is designed and established.

“As a broker on Vancouver Island where the threat of an earthquake is ever-present, I know the Canadian Earthquake Insurance Facility will give people real peace of mind,” said IBAC President Jessica Asano. “IBAC has been sounding the alarm on earthquake risk for several years. Our sustained advocacy and collaboration with industry and government have helped shape a solution that will better protect families in high-risk areas and helped to ensure Canada’s financial framework remains stable when disaster strikes.” 

About IBAC

Founded in 1921, the Insurance Brokers Association of Canada is the national voice of property and casualty insurance brokers, advocating for the interests of both insurance brokers and consumers to the Government of Canada. 

For media inquiries or to request an interview with IBAC CEO, Peter Braid, please contact:

Heather MacDonald-Santiago, Senior Marketing and Communications Manager

Insurance Brokers Association of Canada (IBAC)

Email: [email protected]