Ft Mac & Insurance Losses

Tuesday, May 10, 2016
First, our thoughts and prayers are with the families and firefighters dealing with the horrendous fires in Alberta. One can only imagine their heartache and fear.

Many (most?) of those affected will be insured. This includes home and business owners, those with private passenger cars and large commercial vehicles, and everything in between. Hopefully, there won't be too many life insurance claims.

In a surprising (to me, at least) development, it turns out that the insured losses from these fires will likely hit Canada's economy even worse than Katrina affected ours:

"Intact Financial Corp. may post insured losses of as much as C$1.1 billion ($850 million) from the wildfires in Alberta, which could dent the Canadian economy harder than Hurricane Katrina hit the U.S."

Canada's economy is, of course, smaller than ours (at least for now), so this makes sense. It also occurs to me that a lot of Katrina's losses were flood-related, and not everyone had flood insurance (which, unlike fire, isn't built into the typical homeowner's policy).

A sad reminder of Mother Nature's capabilities.

[Hat Tip: III]