Canada's insurance industry would fail if massive quake strikes: Report
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A report by the Conference Board of Canada has predicted that an earthquake of magnitude 9.0 in the nation could result in economic losses of $127 billion Canadian ($95 billion), starting with the failure of country's insurance industry, NEWS 1130 reports. "The problem is that the industry is only capitalized to handle losses up to CAD 30 billion or CAD 35 billion," while the impact of the quake would be around CAD 42 billion, said Pedro Antunes, deputy chief economist of the board.
