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Fort McMurray wildfire costliest in Canadian history


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Fort McMurray wildfire costliest in Canadian history

The Fort McMurray wildfire is the costliest insured natural disasteron record in Canada, according to the Insurance Bureau of Canada.

The fire, which spread across thousands of miles of , caused estimated insuredproperty damage of C$3.58 billion, the IBC said, citing Catastrophe Indices andQuantification Inc. estimates. Previous estimates from catastrophe modeling firmAIR Worldwide in May ranged from C$4.4 billion to C$9.0 billion, while DBRS projectedclaims between C$2 billion and C$6 billion.

More than 27,000 personal property claims with an average perclaim of C$81,000 have been filed in connection with the fire. In addition, therewere more than 12,000 auto claims with an average of C$15,000 per claim. Commercialinsurance claims have totaled more than 5,000, averaging more than C$250,000 perclaim.