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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.

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.

Chairman Tom de Swaan, who served as acting CEO before Greco arrived, said Zurich is on track to achieve its cost-cutting targets.

New Zurich Insurance CEO Mario Greco tells staff the company needs a clear and simple strategy to rebuild investor confidence as it tries to turn around its struggling general insurance unit.

Zurich is undergoing a strategic review to reshape its general insurance business after getting hit with unexpectedly high claims.

Zurich, Switzerlands biggest insurer, reported a fourth-quarter loss after damage claims ranging from the Tianjin disaster in China to storms in the U.K. and Ireland.

Zurich is prepared to shrink some of its businesses after being caught off guard by the scale of claims it had to absorb last year, according to Cecilia Reyes, the companys chief risk officer.

Mario Greco, 56, will start on May 1, with the task of turning around the company after losses in its general insurance business forced it to abandon a high-profile takeover.