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Fort McMurray insurance claims may be as high as C$6 billion -DBRS

Published 2016-05-13, 02:00 p/m
© Reuters. Fort McMurray insurance claims may be as high as C$6 billion -DBRS
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TORONTO, May 13 (Reuters) - The Fort McMurray wildfire could
cost insurers as much as C$6 billion ($4.6 billion), making it
by far the most expensive Canadian natural disaster, according
to ratings agency DBRS.
More than 2,400 properties have been destroyed or damaged
and, using a wildfire in Slave Lake, Alberta in 2011 as a
benchmark, claims costs are likely to range between C$2 billion
and C$6 billion, DBRS said, based on the latest information.
"This is an historically large number for the Canadian
insurance industry in terms of catastrophic claim events, and is
shaping up to be the most expensive catastrophic natural
disaster event in Canada," the ratings agency said on Friday.
The Slave Lake fire was previously Canada's biggest
insurance loss from wildfire. The costliest natural disasters
were the C$1.9 billion in losses from the North American ice
storm of 1998 and the Alberta floods of 2013.
DBRS said the credit ratings of major insurers operating in
Canada were not expected to be impacted because direct insurers
had reinsurance programs in place for such events.
Canada's largest property and casualty insurer Intact
Financial Corp IFC.TO said on Monday it would suffer losses
ranging from C$130 million and C$160 million.
Other insurers with significant exposure in the region
include the insurance arm of Toronto-Dominion Bank TD.TO and
AIG AIG.N .
($1 = 1.2934 Canadian dollars)

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