Insured losses from the Wild Jasper fire in Canada exceed C$880 million

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

The sudden and intense fire, which started on July 22, damaged or destroyed a third of the community, making it the second costliest fire in Alberta history in terms of insured losses. Jasper is located in the Jasper Mountain National Park in the province of Alberta.

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

A devastating fire would burn almost 50% of the tourist town in western Canada

“Alberta 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, the IBC said.

“In an age where floods, heat waves and wildfires are increasingly frequent and severe, we have learned the importance of returning people safely to their homes and communities as soon as possible after disasters,” said Craig Stewart, Vice President, Climate Change and Federal Issues, IBC.

“In the coming months, as rebuilding efforts begin, 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 Jasper resident needs to have a clear understanding of the plan to rebuild or repair their homes and businesses as soon as possible. This will ensure the successful renewal of a community that holds a special place in the hearts of people across our country and around the world.”

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

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

Photo: Workers continue to assess, repair and rebuild as some residents return to Jasper, Alberta, Monday, Aug. 19, 2024, after a fire caused evacuations and widespread damage in the National Park and the town of Jasper. (Amber Bracken/The Canadian Press via AP)

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Catastrophe Natural Disasters Loss of Profit Forest Fire Canada