Alberta wildfire cost $2.8bn in insured losses
The May 2016 northern Alberta wildfire has become the costliest insured natural disaster in Canadian history, with estimated insured property damage at C$3.6 billion ($2.8 billion), according to the Insurance Bureau of Canada (IBC) and Catastrophe Indices and Quantification (CatIQ).
According to IBC, this is more than twice the amount of the previous costliest natural disaster on record – the 2013 southern Alberta flood, which cost C$1.7 billion in insurance claims.
"This wildfire, and the damage it caused, is more alarming evidence that extreme weather events have increased in both frequency and severity in Canada," said Don Forgeron, president and chief executive officer, Insurance Bureau of Canada (IBC).
Forgeron said: "In recent times, wildfires and flooding have turned extreme and at times tragic. As a country, we need to take a more disciplined and sustained approach to helping prepare Canadians for fires and floods.
“We must build a more resilient country to better protect those affected by the very real impacts of our changing climate. By taking action now, we can minimize costs to taxpayers and better equip homeowners for the risks and challenges that lie ahead."
CatIQ reports that there are more than 27,000 personal property claims; the average claim is C$81,000. There are also more than 12,000 auto insurance claims, averaging C$15,000 per claim. In addition, there are more than 5,000 commercial insurance claims that average over C$227,000 per claim.
