Catastrophe Indices and Quantification Inc. (CatIQ) has raised its industry loss estimate for the Jasper, Alberta, wildfire to C$1.23 bn. The fire, which burned from July 22 to August 17, 2024, initially had an estimated loss of over C$880 mn in August 2024. A third update, issued 90 days later, placed losses at CAD 1.053bn.
The increase comes from adjustments to commercial claims, which, along with property and vehicle claims, make up the total losses. Commercial line claims account for more than half of the total in Jasper.
A fifth update is scheduled for July 22, 2025, marking one year since the fire started.
Canada has faced at least one major wildfire catastrophe annually since 2021. While the 2023 fires in Kelowna, British Columbia, and near Halifax, Nova Scotia, affected larger populations, the Jasper wildfire caused more concentrated property damage within the town.
The fire reached Jasper’s townsite on July 24, damaging or destroying 358 of its 1,113 structures.
Laura Twidle, President and CEO of CatIQ, noted that the Jasper wildfire is Canada’s second most expensive wildfire, following the 2016 Fort McMurray fire, which caused C$3.64 bn in insured losses and led to 33,000 personal property claims.
Though the Jasper event resulted in about 1,700 personal property claims, the average claim size was over four times larger than those from Fort McMurray.
Twidle emphasized that the wildfire forced thousands from their homes for nearly a month, with widespread destruction in Jasper and surrounding areas. She stated that the data collected by CatIQ and PERILS aims to help insurers and stakeholders reduce future wildfire losses.
In July 2024, a wildfire complex ignited in Jasper National Park, Alberta. Fires spread north and south of Jasper, a resort town, before merging and growing out of control. On July 22, authorities ordered the evacuation of 25,000 residents, workers, and visitors. The fire swept through the town, destroying 358 of its 1,113 structures.
The evacuation order remained in place until August 17, but fires south of Jasper continued burning. On September 7, Parks Canada declared the wildfire under control, estimating its final size at 32,722 hectares (80,860 acres).
One firefighter lost his life while battling the blaze. Insurance claims reached $880mn, ranking the Jasper wildfire among Canada’s costliest natural disasters. It was also named the most significant weather event of 2024.