What is being called the worst flooding in Alberta, Canada in decades is expected to cause damages of between C$3 billion and $5 billion.
However insurance losses are likely to be much less, since flooding is "not covered by home policies anywhere in Canada," says Bill Adams, vice president of the Western and Pacific region for the Insurance Bureau of Canada, in a statement.
BMO Capital markets analyst Tom MacKinnon preliminarily estimates insured losses of between C$2.25 billion to $3.75 billion (US$2.14 billion to $3.57 billion).
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