Major insurer
Swiss Re said that the economic losses from the wildfires in Canada last year amounted to $3.9 billion, while the tab for insured losses hit $2.8 billion.
The cause of the wildfires in Fort McMurray is still under investigation, but the Alberta blaze could have been triggered by human activity, and exacerbated by dry conditions and strong winds, according to a report by trade publication
Claims Journal.
Meanwhile, the report also said that Swiss Re estimated the global economic losses from natural catastrophes and manmade disasters in 2016 reached $158 billion, which is “significantly higher” than the $94 billion losses recorded in 2015.
Insured losses reached $49 billion, a 48% increase over the previous year’s $37 billion.
Further, the firm pegged insured losses from natural catastrophes at $42 billion, which is a 41% leap from 2015, but still well below the 10-year annual average of $46 billion.
Man-made disasters also resulted in an additional $7 billion in insurance claims in 2016.
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