September 18, 2003 by Canadian Underwriter
Insurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in some communities, despite the fact that fires continue to rage in certain areas, the final claims tally is expected to rise even further, an IBC statement says.
“We’re [the insurance industry] pulling out all stops to make sure that these people [those affected by the fires] get assistance right away because it’s vital,” comments Dennis Prouse, manager of government relations at the IBC’s Pacific Region office. The wild fires, which have been labeled by the IBC as the worst fire loss in Canadian history while some in the insurance industry believe that this event could become the country’s second most costliest natural disaster, have devastated more than 300 homes.