CatIQ updates loss numbers for 2024’s Jasper wildfire

One year after the start of the Jasper, Alta. wildfire complex, which burned from Jul. 22 through Aug. 17, 2024, Catastrophe Indices and Quantification Inc. (CatIQ) has issued its fifth estimate of the losses – $1.313 billion.

The prior estimate, issued six months after the event, was $1.233 billion.

The loss number covers commercial and residential property and motor vehicle claims, with changes on the commercial side leading to the increase between estimates.

“The Jasper wildfire remains a stark reminder that a fire does not need a massive footprint to cause significant losses,” says Laura Twidle, president and CEO of CatIQ, in a press release.

Related: The status of the Jasper wildfire rebuild

“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.”

Canada has recorded at least one fire-related catastrophe each year since 2021, including several events declared in 2025. Including the Jasper event, ten fire-related catastrophes have been declared since 2023, with impacts felt across four provinces and one territory.

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Jasper’s fire remains the costliest of those by far, with a total loss only slightly lower than the cumulative total of the other nine events, CatIQ notes.

“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,” says Twidle. That’s more than double the 10-year average.

Related: What brokers can learn from the Jasper wildfire

“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 adds.

A sixth and final update of the market loss from the Jasper wildfire will be issued Jul. 22, 2026 – two years after the event’s start date.

Phil Porado

Phil, an award-winning journalist with over 30 years of experience in financial topics, has been managing editor of Canadian Underwriter for more than three years.