The Fort McMurray wildfire in Canada’s Alberta province is the costliest natural catastrophe yet recorded in the country, with estimated insured losses of $C4.4-$C9 billion ($4.6-$9.5 billion).

Analysis by catastrophe modeller AIR Worldwide indicates claims will be dominated by residential losses, with several neighborhoods experiencing catastrophic loss.

“AIR’s estimates explicitly capture residential, commercial, and automobile losses, as well as business interruption losses, except those related to the oil industry,” it says.

“According to AIR’s loss estimates, the Fort McMurray wildfire is the costliest natural disaster in Canada’s history.”

The insured loss estimates reflect insured physical damage to property and direct business interruption losses, excluding the oil industry.

Almost 58% of the wildfire had been contained by yesterday, although extreme burning conditions still remain in some areas, the Alberta Government says.

The wildfire broke out on May 1 and destroyed about 581,695 hectares of land and more than 2400 structures, mainly homes.