Wildfire Could Result In Costliest Insurance Payout In Canadian History

The damage costs from the fire ripping through Fort McMurray, Alta., could reach $9 billion for insurers if it gets to the point that the entire town has to be rebuilt, an analyst at Bank of Montreal said Thursday. Emergency personnel are still battling the wildfire that has essentially wiped out several sections of the city while leaving others virtually intact, so the full economic cost of the disaster is hard to calculate. But with 80,000 people displaced and hundreds of homes and businesses destroyed already, it’s clear the financial toll will be heavy.