The Globe and Mail reports in its Monday edition that Ottawa is launching consultations with insurers to review the industry's resilience to earthquakes. The Globe's Clare O'Hara writes that Canadian property and casualty insurers have long warned of our lack of preparedness for a major earthquake off British Columbia's coast, with Natural Resources Canada estimating a 30-per-cent chance of a big quake by 2075. In its November federal budget, Ottawa stated its plan to consult property and casualty insurers and other stakeholders on ensuring the stability of Canada's insurance sector in the event of an extreme earthquake. Federal Finance Minister Francois-Philippe Champagne's spokesman, Benoit Sabourin, said the timeline and scope of the consultation will be "forthcoming in due course." He added, "Insurers are well-positioned to respond to earthquakes, with sufficient resources to cover insured losses for a one-in-500-year event." Insurance Bureau of Canada's Liam McGuinty said the federal commitment is encouraging, but it is just the first step. A major earthquake would not only create solvency challenges for some insurers, he added, but it would also have an effect on the mortgage and banking sectors.