CatIQ, an independent organization based in Toronto and a subsidiary of PERILS, has released its fourth industry loss estimate for the wildfire complex that impacted Jasper, Alberta, between July 22 and August 17, 2024.
The latest estimate, issued six months after the event, stands at CA$1.23 billion. This is an increase from the third estimate of CA$1.05 billion, which was issued 90 days after the event. The loss figure includes claims for both commercial and residential property, as well as motor vehicle losses, with the rise attributed to commercial property claims.
The updated report provides a detailed breakdown of the property and motor losses by FSA (CRESTA Zones) and is available through CatIQ's subscriber platform.
A fifth update on the market loss will be published on July 22, 2025, marking 12 months since the event began.
On July 22, 2024, Parks Canada reported responding to multiple new fires in Jasper National Park. Two fires near the Jasper townsite were particularly concerning due to their proximity to the community and the dry, windy conditions, leading to evacuation orders for the entire town. The South Fire, driven by strong southerly winds, reached the townsite by the evening of July 24, damaging or destroying 358 of the town's 1,113 structures.
Canada has experienced at least one fire-related catastrophe each year since 2021. Recent events include the 2023 fires in Kelowna, British Columbia, and near Halifax, Nova Scotia. While those fires affected larger population centres, the damage in Jasper was more extensive, particularly in the townsite. Commercial losses accounted for more than half of the total losses in Jasper.
Laura Twidle, president and chief executive officer of CatIQ, stated: "The Jasper wildfire is the second costliest wildfire on record for Canada, behind the 2016 Fort McMurray wildfire, which generated insured losses of CA$3.64 billion and 33,000 personal property claims. While the Jasper event led to about 1,700 personal property claims, the average value of these claims is much higher, more than four times that of the claims from Fort McMurray. This highlights that a fire does not need a large footprint to cause significant losses.
"The wildfire caused major damage to the Jasper townsite and surrounding areas, displacing thousands of people for nearly a month, with many properties destroyed. The impact on the affected communities has been significant, and through the data provided by CatIQ and PERILS, we aim to help mitigate similar losses in the future.”
