Fort McMurray forest fire insured loss totals $3.58 billion

The fire forced an emergency evacuation of Fort McMurray, with many residents making a harrowing drive out of the city as flames engulfed trees and homes around them.

Earlier this week, Fire Chief Darby Allen said many Fort McMurray firefighters are now wrestling a different set of demons, battling emotions of guilt after some watched their own homes burn down. In response, Melissa Blake, the mayor of the Wood Buffalo Regional Municipality that encompasses Fort McMurray, said she thinks change may come through personal choices rather than new bylaws or building codes.

He adds the fire was much different for the industry than the 2013 floods. “So, the overall cost of that southern Alberta flooding was somewhere in the $6 billion range, of which $1.7 billion was covered by insurance”. In the end, almost $1.8 billion in damage claims were made when expressed in 2015 dollars.

12,000 auto claims, averaging $15,000 each.

Carolyn Rennie, managing director of Catastrophe Indices and Quanitification Inc., said the $3.58-billion figure released Thursday includes business interruption insurance claims.

That makes the wildfires the costliest event in terms of insured damage in Canadian history, said the Toronto-based IBC.

Multiple oilsands companies had to shut down their operations during the fire as it raged out of control.

“This wildfire is the largest, but unfortunately it’s one in a series of significant claim events that have taken place in Alberta over the last couple of years”. “What will impact premiums in this case will be determined at a later date”.