Insured damage from Slave Lake wildfires hits $700-million mark

Insured damage caused by wildfires that ravaged much of the town of Slave Lake, Alta in May has hit the $700-million mark, according to the Insurance Bureau of Canada, citing PCS-Canada data.

This makes the Slave Lake wildfire the second-costliest insured disaster in Canadian history. The most expensive insured disaster in Canadian history remains the ice storm that hit Quebec and Ontario in 1998, which cost over $1.8 billion (figure adjusted for inflation).

Data collected by PCS-Canada confirms that several thousands of claims have been filed for damage to homes, cars and businesses in the wake of the fires, IBC says.

“The scale of the destruction to homes and property is incredible,” said Doug Noble, vice president, Alberta and the North, IBC. “It’s devastating for those who have been affected.”

The entire recovery process may take more time than usual because of the extent of the claims and the availability of skilled trades and labour for demolition and rebuilding, IBC says.