Insured Losses From Canada’s Jasper Wildfire Surpass C$880 Million

This summer’s devastating wildfire in Jasper, Canada resulted in more than C$880 million (US$653.4 million) in insured damage, according to the Insurance Bureau of Canada (IBC), quoting data provided by Catastrophe Indices and Quantification Inc. (CatIQ).

The sudden and intense wildfire, which began on July 22, damaged or destroyed a third of the community, making it the second most expensive wildfire in Alberta’s history in insured losses. Jasper is located in the mountainous Jasper National Park, in the province of Alberta.

“For thousands of residents in Jasper, this has been a time of hardship and heartbreak — homes and businesses lost, lives uprooted and an iconic community forever changed,” said Aaron Sutherland, vice president, Pacific and Western, Insurance Bureau of Canada (IBC).

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“Alberta’s insurers have been on the ground assisting customers with financial support and beginning the recovery process. Rebuilding will take time, and our industry will support the community every step of the way.”

Given Jasper’s unique location in a federal park, multiple levels of government are overseeing recovery efforts, IBC said.

“In an era in which flooding, heatwaves and wildfires are increasingly common and severe, we have learned the importance of safely returning people to their homes and communities as soon as possible after disaster strikes,” said Craig Stewart, vice president, Climate Change and Federal Issues, IBC.

“In the coming months, as rebuilding efforts get underway, it will be important that all orders of government work together to establish a clear, effective and efficient decision-making process to ensure consistent progress. Every resident of Jasper must clearly understand the plan to rebuild or repair their homes and businesses as soon as possible. This will ensure the successful renewal of a community that has a special place in the hearts of people across our country and around the world.”

The Jasper Wildfire Complex was one of several major catastrophic events that occurred across the country during a six-week period this summer. Canada’s insurers have also been supporting customers affected by the Calgary hailstorm on Aug. 5, as well as those who experienced major flooding in Ontario and Quebec in July and August.

The amount of insured damage is an estimate provided by CatIQ under license to IBC.

Photograph: Workers continues to assess, repair and rebuild as some residents return to Jasper, Alberta, on Monday, Aug. 19, 2024, after a wildfire caused evacuations and widespread damage in the National Park and Jasper townsite. (Amber Bracken/The Canadian Press via AP)