Fort McMurray wildfire to be costliest Canadian natural disaster event for insurers

Analysts and industry sources have said that a wildfire in Canada's Fort McMurray in Alberta province will likely be the costliest Canadian natural disaster event for insurers, reported Reuters.

The wildfire has prompted the evacuation of 88,000 residents and destroyed 1,600 buildings so far. The bill for insurers is likely to exceed the $700 million Canadian ($550 million) paid out for the 2011 Slave Lake wildfire.

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