Login Register Subscribe
Current Issue

Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Canada wildfire tab nears $3 billion

Reprints

The May wildfires around Fort McMurray, Alberta, Canada, caused an estimated CA$3.58 billion ($2.77 billion) in insured damage, the Insurance Bureau of Canada announced Thursday.

That makes the wildfires the costliest event in terms of insured damage in Canadian history, said the Toronto-based IBC. The fires caused more than twice as much insured damage as the next costliest event, the 2013 floods in southern Alberta, which resulted in about CA$1.7 billion ($1.32 billion) in insured damage, according to IBC.

The figures were tallied by Toronto-based Catastrophe Indices and Quantification Inc. — CatIQ — which delivers detailed analytical and meteorological information on Canadian natural and manmade catastrophes.

During a telephone news conference Thursday, CatIQ Managing Director Carolyn Rennie broke down the losses by line of coverage. She said the fires resulted in 27,000 personal property claims averaging CA$81,000 ($62,726) per claim, more than 12,000 auto insurance claims, averaging CA$15,000 ($11,616) per claim, and more than 5,000 commercial insurance claims that average over CA$250,000 ($193,600) per claim.