Catastrophe Indices and Quantification Inc. (CatIQ) announced July 25 that its one year, post event loss estimate for the wildfire complex affecting Jasper, Alberta in July and August 2024, has reached $1,313-billion.
The figure is an increase over previous estimates. The subsidiary of Zurich-based PERILS AG says the August figures are an increase over the fourth loss estimate of $1,233-billion reported six months ago. “The loss number covers property (both commercial and residential) and vehicle (motor) claims, with commercial changes leading to the increase between estimates,” they write.
Fires started July 22, 2024 in the Jasper National Park, driven by strong southerly winds, reached the town of Jasper by the evening of July 24, damaging and destroying 358 of the town’s 1,113 structures.
“Canada has recorded at least one fire-related catastrophe each year since 2021, including several new events declared in 2025. In fact, including the Jasper event, ten fire-related catastrophes have been declared since 2023, affecting four provinces and one territory. The Jasper fire 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 adds.
They also say, as of the mid-year point, that 2025 is on track to be one of the worst fire seasons ever for the country. As of mid-July they say more than 5.5 million hectares have burned, more than double the 10-year average.
CatIQ says a sixth and final update on the market loss from the Jasper wildfire will be available in July 2026, two years after the event start date.
