Catastrophe Indices and Quantification Inc. (CatIQ), a Toronto-based provider of catastrophe insurance data and a subsidiary of PERILS, has issued a revised loss estimate for the 2024 Jasper wildfire, placing total insured damage at $1.31 billion.
The updated figure, released one year after the event, represents an $80 million increase from the six-month estimate of $1.23 billion published in January.
The updated total includes claims across residential and commercial property, as well as motor insurance, with changes in commercial claims driving the increase. The wildfire, which reached the Jasper townsite on July 24, 2024, damaged or destroyed 358 of the town’s 1,113 structures.
Rebuilding efforts remain limited. As of July 2025, only 56 properties (15%) had been approved for reconstruction, and two were under active development. Delays in permitting have slowed progress.
“One year after the second-costliest fire event in Canadian history, many residents are still working through the process of securing the proper permits to begin reconstruction of their property,” said Aaron Sutherland, vice-president, Pacific and Western, Insurance Bureau of Canada (IBC). “Despite delays, residents can rest assured that insurers will stand with them until every claims is closed.”
To help address some of the barriers to rebuilding, the federal government has announced up to $5 million in additional support to cover the costs of soil testing and removal, which have contributed to delays in permit approvals.
Insurers have continued supporting affected residents since the wildfire began, including funding and coordinating the removal and disposal of approximately 2,300 fridges and freezers damaged by power outages during evacuations. A residential debris removal programme coordinated by insurers was completed in April 2025.
CatIQ’s latest report also includes a detailed breakdown of property and motor losses by Forward Sortation Area (FSA), based on high-resolution CRESTA Zones. Subscribers also have access to maps of fire perimeters, evacuation details, damage reports, and other supporting materials.
The Jasper event is part of a broader trend in wildfire-related losses in Canada. Since 2023, ten fire-related catastrophe events have been recorded across four provinces and one territory. The Jasper fire remains the most costly of these, with insured losses nearly equal to the combined total of the other nine.
“The Jasper wildfire remains a stark reminder that fire does not need a massive footprint to cause significant losses,” said Laura Twidle, president and CEO of CatIQ.
Twidle also noted that more than 5.5 million hectares had burned as of mid-July 2025, 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,” she said.
According to IBC, insured damage from severe weather in 2024 has reached $9.2 billion, the highest annual total recorded in Canada. Last summer accounted for $8 billion of that figure and more than 228,000 claims, contributing to rising insurance costs in Alberta and other parts of the country.
The IBC continues to call for coordinated risk reduction efforts at all levels of government. Suggested actions include limiting new development in high-risk areas, increasing investment in fire and flood resilience, improving public awareness of local risks, and subsidizing home retrofits.
The organization has also reiterated calls for a national agency to coordinate emergency preparedness and recovery efforts, similar to frameworks in other G7 countries.
