Publication Date July 7, 2016

Fort McMurray fire costliest disaster for Canadian insurers

Check out our #ABfire firefighter and his new friend he made on the #YMM fireline. Meet Jari! #FacesofFirefighting. Photo: @AlbertaWildfire

The Insurance Bureau of Canada says the massive wildfire that ravaged Fort McMurray in May is the most expensive disaster for insurers in Canadian history with losses expected to total $3.58 billion.

The amount is double the insured losses from the 2013 southern Alberta floods, which was the second costliest disaster at $1.8 billion in damages. The first had been the 1998 ice storms in Quebec at $1.9 billion, according to the bureau.

Here's a numerical breakdown of insurance claims from the Fort McMurray wildfire:

  • 27,000: Number of personal property claims, averaging $81,000 each
  • 12,000: Number of auto insurance claims, averaging $15,000 each
  • 5,000: Number of commercial insurance claims, averaging over $250,000 each

Alberta Wildfire officials said Tuesday the massive wildfire, first discovered May 1, was officially listed as under control as of Monday morning