Insured losses from Jasper wildfire surpass $880 million: IBC

The wildfire that destroyed a third of the Jasper townsite and national park is now considered one the costliest disasters in Canada’s national park history.

The Jasper wildfire has resulted in $880 million in insured damages, according to a preliminary estimate from the Insurance Bureau of Canada (IBC).

“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. Alberta’s insurers have been on the ground assisting customers with financial support and rebuilding will take time,” said Aaron Sutherland, Vice-President, Pacific and Western, IBC.

The Jasper wildfire, that began on July 22, destroyed 358 structures within the townsite, including 820 residential units.

The Jasper wildfire was one of several major catastrophic events that occurred across the country during a six-week period this summer and currently ranks No. 9 in Canada’s top 10 natural disasters for insurance payouts, according to the IBC.

Canada’s insurers have also been supporting customers affected by the Calgary hailstorm on August 5, as well as those who experienced major flooding in Ontario and Quebec in July and August, said IBC in a news release Tuesday.

Craig Stewart, Vice-President, Climate Change and Federal Issues, 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.”

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