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Paul Schultz, chief executive officer of Aon Securities, takes a look at the impact of the Fort McMurray wildfires on the ILS market.
The Canadian province of Alberta is still assessing the impact of the Fort McMurray wildfires, which swept around the city and over the surrounding area at the start of May, prompting a massive evacuation amid scenes of utter devastation.
As it currently stands, economic and insured losses remain unknown, but it is expected that once assessments are finalised, the Horse Creek Fire in Fort McMurray will become one of the costliest natural disasters in Canada’s history.
The extent this event will translate into significant reinsurance losses is dependent on a number of factors, including the scope and positioning of reinsurance covers in exposed Canadian primary insurers’ towers, as well as the composition of exposed lines, which likely include homeowners (property, contents and displacement living expenses) and commercial property and business interruption.
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Canada, wildfires, Paul Schultz, Disaster Accident, McMurray, losses, catastrophe