Catastrophe Indices and Quantification Inc. (CatIQ) has released its fourth industry loss estimate for the wildfire that impacted Jasper, Alberta, from July 22 to August 17, 2024, now totalling CAD 1.23 billion.
This updated estimate marks an increase from the initial figure of over CAD 880 million in August 2024 and the third estimate of CAD 1.053 billion issued 90 days after the event.
The losses include property (both residential and commercial) and vehicle claims, with adjustments to commercial claims driving the increase.
A fifth market loss update is scheduled for July 22, 2025, marking one year since the wildfire began.
Since 2021, Canada has experienced at least one fire-related catastrophe each year. While the 2023 fires in Kelowna, British Columbia, and near Halifax, Nova Scotia, affected larger population centers, the Jasper wildfire caused significantly more property damage within the townsite. Notably, commercial line losses account for more than half of the total incurred losses in Jasper.
The wildfire reached Jasper’s townsite on the evening of July 24, damaging or destroying 358 of the town’s 1,113 structures.
Laura Twidle, President and CEO of CatIQ, stated, “The Jasper wildfire is the second costliest wildfire on record for Canada, behind the 2016 Fort McMurray wildfire which, at the time, generated insured losses of CAD 3.64 billion and 33,000 personal property claims. Though the Jasper event resulted in only about 1,700 personal property claims, the sums are much larger – on average more than four times the amount of the claims from Fort McMurray. This underscores the reality that a fire does not need a massive footprint to cause significant losses.”
Twidle added, “The wildfire caused significant damage to the Jasper townsite and the surrounding area, forcing thousands of people from their homes for nearly a month, with many properties destroyed. The Jasper wildfire has had a devastating impact on the communities affected and through the data CatIQ and PERILS provide to insurers and other stakeholders our goal is to help mitigate similar losses in the future.”
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