Alberta wildfires costliest insured disaster ever in Canada

Canadian insurers may be looking at claims of about US$2.8B from the recent Alberta wildfires.

By Katia Dmitrieva | Updated on July 07, 2016

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

The fires led to 27,000 personal-property claims averaging C$81,000 each, and 12,000 auto claims averaging C$15,000, the Insurance Bureau of Canada said Thursday in a statement. More than 5,000 commercial claims averaged over C$250,000 and included costs from work stoppages. The estimates come from insurer surveys collected by Catastrophe Indices and Quantification Inc.

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