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Jasper fires could cost insurance industry $700 million: DBRS estimate

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The Jasper wildfires could cost the insurance industry up to $700 million, making it one of the most expensive wildfire disasters in Canadian history, DBRS Morningstar said Friday.

In a new report, the credit rating agency said it believes potential insured losses from this week’s disaster could come close to or even be higher than those incurred in the 2011 wildfire in Slave Lake, Alta., which — adjusted for inflation — reached about $700 million.

The only fire that topped that disaster was the 2016 wildfire in Fort McMurray, Alta., which resulted in inflation-adjusted insured losses of $4.4 billion and was the costliest wildfire in Canadian history.

While the extent of the damage in Jasper is not yet fully understood, Alberta Premier Danielle Smith has estimated that between 30 and 50 per cent of the buildings in the townsite may have been destroyed in this week’s blaze.

“In addition, Jasper National Park is one of the most popular tourism destinations in Canada, which may cause insurers to face additional business claims in respect of commercial building and business interruption losses,” DBRS noted.

The Jasper fire is just one of many wildfires currently burning in Western Canada. DBRS said it is still too early to predict whether the 2024 wildfire season will be comparable to 2023, which was the most active and destructive wildfire season on record with 165,000 square kilometres scorched.

So far in 2024, 24,000 square kilometres have burned.

While wildfires were not a major contributor to Canada’s insured natural catastrophe losses historically, they have become more of a concern since 2021, DBRS noted. Canada experienced two large wildfires in 2021 and three in 2023, which represented about one-third of the insurance industry’s total $3.1 billion in severe weather-related losses in 2023.

Overall, extreme weather events are becoming more frequent and severe, the DBRS report states.

It said while the situation is serious, it expects the ongoing 2024 wildfire season to be manageable for Canada’s property and casualty insurers as long as no major urban areas are materially affected.

This report by The Canadian Press was first published July 26, 2024.

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Montreal skateboarders rally to protect skatepark

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Montreal skateboarders rally to protect skatepark

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Ilia Malinin lands 4 quads – and a backflip – to win his third straight Skate America title

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World champion Ilia Malinin won Skate America on Sunday for the third consecutive year, altering his free skate on the fly after an early mistake and punctuating the program with a backflip that had been banned in competition until this season.

The two-time and reigning U.S. champion scored 290.12 points to finish ahead of Kevin Aymoz of France, whose career-best free skate left him with 282.88 points and earned a standing ovation inside Credit Union of Texas Event Center in Allen, Texas.

Kao Miura of Japan, who was second after his short program, finished third with 278.67 points.

“It was a pretty challenging moment for me, just stepping on the ice. I felt way more nervous than usual,” said Malinin, the early favorite for gold at the 2026 Winter Olympics in Italy. “That may have played a part in the whole program.”

Vancouver’s Wesley Chiu placed ninth in the free skate with a score of 140.08 points, he finished ninth overall with a total of 206.94 points.

The ice dance competition was to be decided later Sunday in the final event of the season-opening Grand Prix. Lilah Fear and Lewis Gibson of Britain had the lead over American world champs Madison Chock and Evan Bates after the rhythm dance.

Malinin and Miura were separated by a mere 0.15 points after their short programs, but it was Aymoz who challenged Malinin for the top of the podium. The 27-year-old from France, who struggled mightily at the end of last season, landed a pair of quads in an error-free program to score 190.84 points — the best of all the free skates — and vault into first place.

Nika Egadze of Georgia was next on the ice but fell on his opening quad lutz and stepped out on his quad salchow, and those two mistakes kept him from medal contention. He wound up fourth with 261.71 points.

Miura, the 19-year-old former world junior champion, landed three quads during a program set to “The Umbrellas of Cherbourg,” the 1964 musical romantic drama film. But Miura lost points for an under-rotated triple axel and on a step sequence that led into a quad toe loop-triple toe loop combination midway through his free skate.

Malinin was last to take the ice, performing a program set to “I’m Not a Vampire” by the rock band Falling In Reverse.

He opened with a perfect quad flip and then hit a triple axel, even though Malinin remains the only skater to have landed the quad version of the jump in competition. Then came the mistake, when he doubled a planned quad loop, leaving Malinin to make changes on the fly over the second half of the program in an attempt to make up the lost points.

After putting his hand down on his triple lutz, Malinin landed a quad toe loop-triple toe loop combination before a quad salchow-triple axel in sequence — a pair of huge jumping passes that sent his technical score soaring.

Malinin capped the recovery of his program with a backflip during his choreographed sequence, a move that had been banned until this season because of its inherent danger. It was expected all along but nonetheless sent a roar through the crowd, just as Malinin’s program came to an end and a steady stream of stuffed animals were thrown onto the ice.

“It was really hard for me in the middle of the program to think what I have to do — what I need to do,” Malinin said when asked about the early mistake. “I just went full autopilot through there and I’m glad I made it out.”

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AP sports:

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Leclerc wins US Grand Prix and late penalty gives Verstappen 3rd place over Norris in title chase

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AUSTIN, Texas (AP) — Charles Leclerc earned Ferrari its first United States Grand Prix victory since 2018 with a clever start and a commanding drive Sunday, and Red Bull’s Max Verstappen strengthened his lead in the F1 season championship by finishing third ahead of McLaren’s Lando Norris.

Verstappen earned the podium only after Norris was given a five-second penalty for leaving the track to pass Verstappen in the final laps.

Verstappen immediately complained about the move, while Norris insisted Verstappen also left the track. Norris’ pass came after the two drivers had battled for the final podium spot and critical championship points over several laps and Verstappen had stubbornly refused to give ground.

The penalty and fourth place finish cost Norris valuable points in the title chase. Verstappen stretched his championship lead over Norris from 54 points to 57 with five grand prix and two sprint races left.

Leclerc earned his third win of the season and Ferrari pulled a 1-2 finish with his teammate Carlos Sainz in second. Kimi Raikkonen had been the last Ferrari winner at the Circuit of the Americas in 2018.

But the bigger battle was raging behind them as Verstappen and Norris fought over every inch of the final dozen laps.

Verstappen has not won a grand prix since June and Norris has steadily chipped away at his lead as the Red Bull car has faded. Yet Verstappen still stretched his lead by five points over the weekend by also winning Saturday’s sprint race.

Norris will leave Austin knowing he squandered a big chance to gain ground. He had even earned pole position for Sunday’s race.

Verstappen started right beside him, and it was their battle into the first turn that saw both cars run wide, leaving room for Leclerc to pounce on the opening.

The Ferrari driver jumped from fourth and straight into the lead.

Norris complained Verstappen forced him off the track at the start to begin a battle that would be fought over the entire race.

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AP auto racing:

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