Insurance industry losses from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada between July 22 and August 17, 2024 are estimated to have reached CAD $1.31 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.This mark’s CatIQ’s fifth loss estimate from the event Additionally, CatIQ confirmed that its loss estimate covers property (both commercial and residential) and vehicle (motor) claims, with commercial changes leading to the increase between estimates.“On 22 July 2024, Parks Canada announced they were responding to multiple new fire starts in Jasper National Park.Two fires, burning south and northeast of the Jasper townsite, were of particular concern given their proximity to the community and the very dry, windy conditions, prompting officials to issue evacuation orders for all of Jasper,” CatIQ commented.

The South fire, which was driven by strong southerly winds, reached the Jasper townsite by the evening of July 24, and damaged or destroyed 358 of the town’s 1,113 structures.Since 2021, Canada has experienced at least one fire-related catastrophe each year, including several new events declared in 2025.In fact, as highlighted by CatIQ, including the Jasper event, ten fire-related catastrophes have been declared since 2023, affecting four provinces and one territory.

However, the Jasper wildfire remains, by far, the costliest of the group, with a total loss only slightly lower than the cumulative total of the other nine events.CatIQ has also confirmed that a sixth and final market loss update from the Jasper wildfire will be released on July 22, 2026, two years after the event start date.“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,” commented Laura Twidle, President and CEO of CatIQ.Adding: “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.”.All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.