With the cost of the Fort McMurray wildfires estimated to be up to $9 billion, there could be more widespread insurance hikes for homeowners. Moody’s Canada, which estimates the insured cost of the fires at $5 billion, believes that there could be higher premiums regionally, not just for the Fort McMurray area.

However, the Insurance Bureau of Canada told the CBC that a single event is unlikely to mean rate hikes but the cumulative effect of extreme weather and natural catastrophes could do.

Moody’s analyst Jason Mercer said that homeowners in high risk areas could see a premium spike until competition brings prices back down.

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