The Fallout From The "Devastating" Canadian Wildfire: Over 500,000 Barrels Offline, $1 Billion In Losses
Submitted by Tyler Durden on 05/05/2016 08:57 -0400
It took the market over a day to appreciate the fallout from the devastating Canadian wildfire which has led to a state of emergency in Alberta, the evacuation of over 80,000 people in the oilsands gateway city of Fort McMurray, and the destruction of over 1,600 structures. According to insurance inudstry reports, losses from the fire are approaching $1 billion, and will likely set records for the country.
The average cost of a single-family home in the community was recently around CAD$627,000 ($487,000), Aon said, citing data from the local real estate industry, and cited by CNBC. That would suggest losses of CAD$1 billion ($779 million), with more to come as the fire continues to blaze out of control. Such damages would already make the fire the third-costliest insured loss event in Canadian history, the firm said..
Quelle: CBC, Twitter
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