Alberta Fires Worse for Canada Economy Than Katrina for U.S.
- Insured losses could reach C$9 billion, analysts say
- Intact estimates losses between C$1 and C$1.20 per share
Canadian Oil Producers Spared a Hit From Wildfire
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Intact Financial Corp. may post insured losses of as much as C$1.1 billion ($850 million) from the wildfires in Alberta, which could dent the Canadian economy harder than Hurricane Katrina hit the U.S.
Intact, Canada’s biggest property and casualty insurer, said the damage claims will lead to net losses of C$130 million to C$160 million, or as much as C$1.20 a share, according to a company statement Monday. Jaeme Gloyn, an analyst with National Bank of Canada Financial, estimated the C$1.1 billion figure based on the company’s per-share data. The Toronto-based insurer had net income of C$147 million in the first quarter.