Editor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total was for the entire year of 2016; the Fort McMurray wildfire itself cost about $4 billion. Canadian Underwriter apologizes for the error.
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A wildfire burning near the site of Canada’s costliest natural disaster in Fort McMurray, Alta. eight years ago has brought the issue of the region’s insurability back into the spotlight.Â
The 2016 Fort Mac wildfire remains Canada’s costliest NatCat at about $4 billion in insured damage.
By comparison, the much smaller wildfire near the hamlet of Saprae Creek Estates — a bedroom community to Fort McMurray — initially prompted evacuation alerts, but those were cancelled Apr. 22, when the…
