One year after a devastating wildfire swept through Jasper, insured losses are now estimated at nearly $1.3 billion, according to new figures released by Catastrophe Indices and Quantification Inc. (CatIQ). That’s an $80 million increase from a six-month estimate released in January.The July 24, 2024, fire destroyed 358 homes and businesses, making it the second-costliest wildfire in Canadian history. Yet rebuilding has been slow: only 15% of structures have been approved for reconstruction and just two are currently being rebuilt.“Many residents are still working through the process of securing the proper permits,” said Aaron Sutherland, vice-president for the Pacific and Western regions at the Insurance Bureau of Canada. The federal government recently announced up to $5 million in additional funding to cover the unexpected costs of soil testing and removal, a move Sutherland called a “positive step” toward accelerating reconstruction.Since the fire, Alberta’s insurers have coordinated recovery efforts, including the removal of 2,300 spoiled fridges and freezers caused by extended power outages during the evacuation. A major milestone was reached in April when insurer-led debris removal was completed.Insured losses from extreme weather across Canada surpassed $9.2 billion in 2024, a new record. That included 228,000 claims and over $8 billion in damages during what became the most expensive summer for catastrophic weather events in Canadian history. These costs are putting added pressure on insurance premiums.The Insurance Bureau of Canada is calling on governments to better protect communities from natural disasters. This includes halting construction in high-risk zones, spending to make communities more resilient, supporting homeowners with retrofits, and creating a federal coordinating agency to guide national emergency preparedness.Every other G7 country has such an agency, the bureau notes, and Canada should follow their lead.
