Catastrophe Indices and Quantification Inc. (CatIQ), an independent Toronto-based provider of catastrophe insurance data and a subsidiary of PERILS, has released its fifth industry-wide loss estimate for the wildfire that swept through Jasper, Alberta, from July 22 to August 17, 2024.
The latest estimate pegs insured losses at CAD 1.313 billion, up from the previous figure of CAD 1.233 billion issued six months after the incident.
The increase is mainly due to revised commercial property claims. The estimate includes losses to residential and commercial properties as well as motor vehicles.
The updated report includes a comprehensive breakdown of losses by Forward Sortation Area (FSA), mapped to detailed CRESTA Zones.
Subscribers to CatIQ’s platform can also access related information such as updated fire perimeters, evacuation timelines, structural damage assessments, media coverage, and photos documenting the destruction.
CatIQ plans to release a final loss estimate on July 22, 2026—two years after the fire began—as part of its standard reporting schedule.
On July 22, 2024, Parks Canada responded to several new wildfires within Jasper National Park. Two fires, burning to the south and northeast of Jasper’s townsite, quickly became a serious threat due to very dry conditions and strong winds. Authorities issued a full evacuation order for the community. By the evening of July 24, the South Fire, pushed by strong southerly winds, had reached the town and damaged or destroyed 358 of its 1,113 structures.
Canada has experienced at least one wildfire-related catastrophe every year since 2021, with several more declared so far in 2025.
Since 2023 alone, ten major wildfire events have been confirmed across four provinces and one territory. The Jasper wildfire remains the most expensive among them, with losses nearly equal to the combined total of the other nine events.
Laura Twidle, President and CEO of CatIQ, said: “The Jasper wildfire remains a stark reminder that a fire does not need a massive footprint to cause significant losses. In a year that featured a string of record-breaking loss events, the Jasper fire maintains the highest average claim for both personal and commercial property. In fact, these averages are the highest out of the more than 200 events in the CatIQ catastrophe loss database.”
Twidle further added: “At the mid-year point, 2025 is on track to be one of the worst fire seasons ever for the country, with more than 5.5 million hectares burned as of mid-July; more than double the 10-year average. Where the year will land in terms of insured losses remains to be seen, but indications are that, especially in western Canada, we will see similarly hot and dry conditions for the rest of the summer.”
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