Fort McMurray Wildfire Loss Estimated At $4.6B: PCS

The massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and auto lines, as well as additional living expenses and business interruption losses amongst the categories of data that carriers submit to PCS. Liability and loss adjustment expenses are not included in the estimate figure. The estimate compares to catastrophe modelling firm AIR Worldwide’s estimate last month of between $4.4 billion and $9 billion.