Wildfires could drive up insurance rates: Official

Robbie Hoyte, adviser for Canada-based insurance broker Valley First Credit Union, said that wildfire-related claims could spur local insurers to increase their rates, Richmond News reported. Mr. Hoyte called on businesses to review their coverage and buy insurance before a wildfire starts. Insurers are unwilling to offer coverage if there is an active forest fire located within 50 kilometers of the property, he added. The Insurance Bureau of Canada said that the 2016 wildfire disaster in Fort McMurray caused $3.7 billion Canada ($3 billion) in insured losses.

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