Climate change means Canada will be spending more on disasters: insurers

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A wildfire sweeping through a heavily forested oilsands region near Fort McMurray could eventually cost $6 billion, according to one industry estimate.

OTTAWA — Canada will have to set aside more money to deal with natural disasters like wildfires, storms and floods as climate change starts to bite, the head of the country’s property insurance industry group said on Wednesday.

A wildfire sweeping through the heavily forested oilsands region of Alberta near the town of Fort McMurray could eventually cost $6 billion, according to one industry estimate.

Don Forgeron, chief executive of the Insurance Bureau of Canada, noted there are a range of estimates out there on how much insured damage the wildfire will do, from a low-end of “a couple billion dollars” to a high of $9 billion.

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