17 August 2016 Insurance

Alberta Wildfire causes $3.65bn in property damage

The insurance payment for the property damage caused by the Alberta Wildfire will be around C$4.7 billion ($3.65 billion), according to a re-survey estimate by PCS Canada, an authority of insured property losses from catastrophes.

Of the total 38,900 insurance claims, 25,200 personal claims have been made, totalling at C$3.6 billion, with an average payment of C$140,873.

Some 5,300 commercial claims had been made totalling at C$972.1 million, with an average payment of C$183,415.

Finally, 8,400 auto claims had been made totalling C$152.1 million, with an average payment of C$18,107.

The wildfire which encroached on Fort McMurray had forced the evacuation of approximately 88,000 people in northern Alberta, and had scorched at least 579,946 hectares.

According to PCS Canada, local officials said that 90 percent of the homes in the Beacon Hill were lost, with many other neighbourhoods sustaining extensive damages.

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