IBC says there is nearly $522M worth of damage.
The newest estimate places damages caused by a flood in Fort McMurray in early 2020 above half a billion dollars.
Insured damage costs are now believed to be $522 million according to CatlQ and the Insurance Bureau of Canada.
IBC says the new number comes from new data on the flood's impact on commercial property.
According to the Regional Municipality of Wood Buffalo, 1,200 buildings were affected by the flooding, about half of those were damaged in the 2016 wildfires.