Canada: Heavy bill for insurers following the Alberta catastrophe

The forest fire that broke out on 1 May 2016 in the southwest of Fort McMurray in the region of Alberta in Canada caused significant material losses and required the evacuation of all the region's inhabitants, that is 88 000 people.

To date, the toll has reported more than 101 000 damaged hectares and 2 000 destroyed houses.

By 10 May 2016, losses borne by insurers are estimated at 10 billion CAD (7.7 billion USD), making it the costliest catastrophe in the Canadian history.

During the recent years, the insurance industry has been facing an increasing number of large losses.
It should be recalled that in 2013, insurers had to pay nearly 3.4 billion CAD (3.3 billion USD ) for natural catastrophes. In such a situation, companies could revise upward, the non life insurance premiums.