Revealed – initial estimate of Jasper wildfire insured losses

Revealed – initial estimate of Jasper wildfire insured losses | Insurance Business Canada

Insurance News

Revealed – initial estimate of Jasper wildfire insured losses

It’s now the province’s second-costliest wildfire in terms of insured damage

Insurance News

By
Terry Gangcuangco

The wildfire that ravaged the Municipality of Jasper and Jasper National Park this summer has led to insured losses exceeding $880 million, according to preliminary figures provided by Catastrophe Indices and Quantification (CatIQ) under licence to the Insurance Bureau of Canada (IBC).

Known as the Jasper Wildfire Complex, the incident has become the second most costly wildfire in Alberta’s history in terms of insured damage.

IBC Western and Pacific vice president Aaron Sutherland noted: “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.

Due to Jasper’s distinctive position within a federal park, the recovery efforts are being managed by multiple layers of government. IBC is urging all levels to expedite and synchronize their decision-making processes to ensure that reconstruction can commence without unnecessary delays.

“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,” stated IBC vice president for climate change and federal issues Craig Stewart (pictured).

“In the coming months, as rebuilding efforts get underway, 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.”

Stewart also pointed to the need for all Jasper residents to have a clear understanding of the plan.

He added: “Governments must invest in disaster mitigation, including rolling out programs [similar to FireSmart] to help communities fire- and flood-proof homes. These investments are critical in helping Canadians prepare for and recover from the impacts of wildfires and other natural catastrophes.

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