Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297400 
Year of Publication: 
2023
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2023-15
Publisher: 
Bank of Canada, Ottawa
Abstract: 
Global climate change is increasing the frequency and severity of natural disasters. We use detailed consumer credit data to investigate the impact of the 2016 Fort McMurray wildfire, the costliest wildfire disaster in Canadian history, on consumers' financial stress. We focus on the arrears of insured mortgages because of their important implications for financial institutions and insurers' business risk and relevant management practices. Our findings suggest that wildfires have caused more mortgage arrears in severely damaged areas, with both economic and statistical significance. For other areas with relatively minor damage, the increase in arrears is small and statistically insignificant.
Subjects: 
Climate change
Econometric and statistical methods
Financial stability
Credit and credit aggregates
JEL: 
C21
D12
G21
Q54
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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