FORT MCMURRAY WILDFIRE TO COST INSURERS C$4.4BN TO C9BN, WARNS AIR WORLDWIDE

Insured damage resulting from the Fort McMurray wildfire in Canada will total between C$4.4bn ($3.4bn) and C9bn, according to modelling firm AIR Worldwide. A loss of this magnitude will confirm the wildfire as the costliest insured loss event in Canada’s history, as well as the costliest wildfire on record anywhere in the world. AIR said the insured damage bill has been driven by residential losses, with several neighbourhoods suffering catastrophic losses from the event. The estimate also includes commercial, motor and business interruption losses, except those related to the oil industry. The wildfire, which began on May 1, covered nearly 600,000 acres as of Saturday May 14. At present, around 2,400 structures are believed to have been lost in the fire.