(Bloomberg) — The wildfires that tore across the oil-producingregion of Canada this year will cost insurers about C$3.58 billion(US$2.8 billion) in claims, the most costly insured naturaldisaster in the country’s history, an industry group said.

|

The fires led to 27,000 personal-property claims averagingC$81,000 each, and 12,000 auto claims averaging C$15,000, theInsurance Bureau of Canada said Thursday in a statement. More than5,000 commercial claims averaged over C$250,000 and included costsfrom work stoppages. The estimates come from insurer surveyscollected by Catastrophe Indices and Quantification Inc.

|

The wildfires raged across Northern Alberta and forced theevacuation of about 88,000 people in May, damaging Fort McMurrayneighborhoods, oil-production facilities and businesses. The blazesforced oil companies including Suncor Energy Inc. to curb outputand evacuate staff.

|

“This wildfire, and the damage it caused, is more alarmingevidence that extreme weather events have increased in bothfrequency and severity in Canada,” Don Forgeron, IBC’s president,said in the statement.

|

The previous costliest natural disaster on record was a 2013Southern Alberta flood, which cost C$1.7 billion in insuranceclaims, IBC said.

|

Related: Alberta wildfires worse for Canada economy than Katrina forU.S.

|

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.