Fort McMurray wildfire will be among the most catastrophic events to hit Canadian insurers, Moodys warns

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The wildfire in Fort McMurray, the largest in the province’s history, is shaping up to be among the most catastrophic events of the past 20 years in Canada for insurers, according to a report from Moody’s Investors Service.
 
The disaster that has already destroyed hundreds of buildings is likely to hurt earnings at the country’s major property and casualty insurers such as AIG Insurance Company of Canada and Toronto-Dominion Bank, but the ratings agency doesn’t expect it to turn into a major capital or credit event for the firms.
 
About a third of TD Bank’s property insurance business is written in Alberta, according to Jason Mercer, the lead analyst on the Moody’s report released late Friday.

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