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Analysts at Deutsche Bank A.G. have said that losses from the ongoing wildfires in Canada's Fort McMurray will "quickly eat into the reinsurance layers, potentially affecting also insurance-linked securities and alternative capital," reports Artemis.bm.
Deutsche Bank expects the wildfires to be a reinsurance event as direct exposure of the three largest local primary insurers is limited to about $170 million because of their reinsurance provisions taking losses beyond that level.
Munich Reinsurance Co. is likely to be most exposed with around 20% market share on a premiums written basis, said the analysts.