[Educator-Gold] DISASTERS: FIRE : ENVIRONMENT GLOBAL WARMING AND CLIMATE CHANGE : COUNTRIES: CANADA : TOURISM AND TRAVEL : INSURANCE CLAIMS : COSTS: Insurers Predict Fort McMurray Fire to be Costliest Disaster in Canadian History … And that Means Albertans Can Expect Their Rates to Increase

 

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DISASTERS: FIRE :

ENVIRONMENT GLOBAL WARMING AND CLIMATE CHANGE :

COUNTRIES: CANADA :

TOURISM AND TRAVEL :

INSURANCE CLAIMS :

COSTS:

Insurers Predict Fort McMurray Fire to be Costliest Disaster
in Canadian History … And that Means
Albertans Can Expect Their Rates to Increase

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Insurers Predict Fort McMurray Fire to be Costliest Disaster
in Canadian History … And that Means
Albertans Can Expect Their Rates to Increase

GEOFFREY MORGAN

NATIONAL POST

FIRST POSTED: FRIDAY, MAY 13, 2016 12:08 PM MDT

UPDATED: FRIDAY, MAY 13, 2016 08:50 PM MDT

Calgary Sun

http://www.calgarysun.com/2016/05/13/insurers-predict- fort-mcmurray-fire-to-be-costliest-disaster-in-canadian-history

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A shorter URL for the above link:

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http://tinyurl.com/jmhf3tq

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CALGARY  Insurance rates in Alberta are likely to rise again, continuing an upward trend following costly natural disasters, following the devastating fire that burned through Fort McMurray.

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A report released Friday by credit ratings agency Standard and Poors predicted that insurance rates in Alberta would increase following the fire, in part because there are more catastrophic losses claimed in Alberta from natural disasters than in other provinces.

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The agency released a list of the 10 most expensive catastrophes in Canadian history, and events in Alberta make up seven spots on the list.

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The (Fort McMurray fire), in our opinion, would likely continue to reinforce the trend of rate increases, particularly for insured risks in Alberta more than other provinces, Standard and Poors analyst Hardeep Manku wrote in a report published Friday.

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The agency also predicted that the fire in Fort McMurray would be the most expensive insurance event in Canadian history, but insurance companies would be able to absorb the losses and make money in the long run, even though claims from the inferno would likely surpass the total bill for the Calgary and area flooding in 2013 and the Quebec ice storm of 1998.

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The complete article may be read at the URL above.

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Sincerely,
David Dillard
Temple University
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jwne@temple.edu
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