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Intact Financial Corp. said it will post insured losses of as much as $850 million from the wildfires in Alberta, which may dent the Canadian economy harder than Hurricane Katrina hit the U.S.

Cooler temperatures are helping fire fighters battle wildfires raging through Alberta as the blaze retreats from the countrys main oil-sands facilities around Fort McMurray.

An El Nio in the Pacific disrupted weather patterns to bring northern Alberta a dry fall and very little snow throughout the winter.

The 2015 fire season set a new record for the number of acres burned in the United States, while more and more people live in areas that are prone to wildfires, resulting in a recipe for disaster.

The wildfires spreading around Canadas oil-sands hub of Fort McMurray may become the costliest catastrophe in the countrys history with losses potentially reaching $7.3 billion.

More than 80,000 people have been forced to flee their homes as wildfires tore through a northern Alberta community, reducing entire neighborhoods to ash.

Tens of thousands of people have been forced by the fire to flee Fort McMurray as emergency crews worked to contain the blaze