Insured losses from Jasper, Canada wildfire exceeds $880m

The wildfire that struck the Municipality of Jasper and Jasper National Park this summer has resulted in insured losses exceeding $880 million, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).

The intense wildfire, which began on July 22, has become the second most expensive wildfire in Alberta’s history in terms of insured losses.

The wildfire damaged or destroyed a third of the community in Jasper, the Insurance Bureau of Canada (IBC) explained.

Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC), commented: “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.”

Adding: “Alberta’s insurers have been on the ground assisting customers with financial support and beginning the recovery process. Rebuilding will take time, and our industry will support the community every step of the way.”

It’s important to highlight, that due to Jasper’s distinctive location in a federal park, multiple levels of government are overseeing recovery efforts.

IBC is urging all levels of government to adopt an expedited and coordinated approach to decision-making in order to ensure that reconstruction efforts can begin as soon as possible without any unnecessary delays.

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.

“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. Every resident of Jasper must clearly understand the plan to rebuild or repair their homes and businesses as soon as possible. This will ensure the successful renewal of a community that has a special place in the hearts of people across our country and around the world.”

He added: “Following the devastating wildfire in Fort McMurray, Alberta, in 2016, the municipality did an excellent job undertaking important fire resiliency efforts, with a particular emphasis on reducing home vulnerability through programs such as FireSmart.

“Governments must invest in disaster mitigation, including rolling out similar programs 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. As Canada embarks on one of the most ambitious housing plans in Canadian history, we must remember that the most expensive house is the one you have to build twice,” Stewart concluded.

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