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The majority of losses will likely be related to homes and businesses. (Photo: Shutterstock)

(Bloomberg) – The wildfires spreading around Canada’s oil-sands hub of Fort McMurray may become the costliest catastrophe in the country’s history with losses potentially reaching C$9.4 billion ($7.3 billion).

Insurance losses could reach that high if nearly all homes, cars, and businesses in the Fort McMurray area were destroyed and owners filed a claim to insurers, according to a research note to clients from Bank of Montreal analyst Tom MacKinnon. He said it’s more likely that one-quarter to half of assets would be damaged, leading to total insurance industry losses of C$2.6 billion to C$4.7 billion, as much as quadruple the costliest Canadian natural disaster.

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