BC wildfires $720m+ insured loss the 10th largest in Canadian history: CatIQ

According to data from catastrophe loss specialist CatIQ, the 2023 wildfires in British Columbia, Canada have become the 10th largest insurance industry loss event to ever hit the country.

Catastrophe Indices and Quantification Inc. (CatIQ) has estimated that the insurance market loss from this summer’s wildfires in the Okanagan (McDougall Creek) and Shuswap (Bush Creek East) have reached more than $720 million.

As a result, the wildfires are the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada’s history, CatIQ said.

You can see the top-10 insured disaster losses in Canadian history below:

“This year’s wildfire season has broken all records in terms of the amount of land burned and damage caused to homes and businesses in BC,” said Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC). “Our hearts go out to every individual and family who has been impacted by these wildfires, and to the firefighters who lost their lives helping to protect our communities.

“The wildfires’ impact is another tragic reminder of the risk BC residents face due to climate change and the increasing frequency of natural catastrophes. Canada’s insurers are here to help their customers rebuild following this devastating loss.”

The Shuswap area, Bush Creek East Wildfire that burned from August 18th to September 25 2023 is estimated to have caused over $240 million in insured damages.

The Shuswap area wildfire destroyed more than 270 structures and caused extensive damage to public infrastructure, including damage to hydro poles that caused power outages for thousands of customers.

The Okanagan area, McDougall Creek Wildfire that burned between August 15th and September 21st 2023 is estimated to have caused insured losses of over $480 million.

This wildfire destroyed properties across a region including the communities of West Kelowna, Kelowna and Lake Country, with 70 homes confirmed destroyed in West Kelowna, 20 in Westbank First Nation, an estimated 100 structures destroyed in Traders Cove and Lake Okanagan Resort, with more in Kelowna and Lake Country.