Claims from the Fort McMurray wildfire could exceed $C6 billion ($6.37 billion), according to ratings agency DBRS.

About 2400 structures have been destroyed since the fire broke out on May 1, with homes, hotels and business premises affected.

“It is still premature to obtain accurate claim estimates because access to Fort McMurray is restricted,” DBRS says.

“Using census data, claim estimates and using the [2011] Slave Lake fire as a benchmark suggests the claims costs for about 2400-plus damaged buildings and associated relocation costs for 80,000 evacuees will likely be in the range of $C2-$C6 billion ($2.1-$6.37 billion).

“This is a historically large number for the Canadian insurance industry in terms of catastrophic claim events, and is shaping up to be the most expensive catastrophic natural disaster event in Canada.”

No credit impact is expected for Canadian insurers because they have established reinsurance programs in place, DBRS says. But ratings agency Standard and Poor’s has predicted insurance rates in Alberta will increase following the fire.

The Bank of Montreal has previously suggested insured losses could reach $C9 billion ($9.56 billion).