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Fort McMurray wildfires likely to cost insurers $7 billion: Bank of Montreal analyst

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Tom MacKinnon, analyst at Canada's Bank of Montreal, has said that the raging wildfire in the country's Fort McMurray region is likely to result in $9 billion Canadian ($7 billion) in insured losses, CBC.ca reported.

Mr. MacKinnon estimated this figure if the town is to be rebuilt completely. The economic cost of the fires is likely to be huge. The wildfires have also hit oil sands operations at Suncor Energy Inc. and Shell Canada Ltd., said another official at the bank.

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