CatIQ finalises industry loss estimate for 2024 Jasper, Canada wildfires at C$1.30bn

CatIQ, Canada’s insured loss and exposure indices provider, has published a final insurance industry loss estimate of CAD $1.30 billion from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada between July 22nd and August 17th, 2024.

This marks CatIQ’s sixth loss estimate from the event and compares to its fifth loss estimate of CAD $1.31 billion, which was issued one year after the event’s end date.

We also covered CatIQ’s fourth loss estimate of CAD $1.23 billion, which was issued six months following the event, as well as the firm’s first estimate from the wildfires back in August 2024, where losses had surpassed CAD $880 million.

CatIQ also noted that the Jasper wildfire remains the costliest Canadian fire event of the 2020s, by far, with a total loss only slightly lower than the cumulative total of the decade’s eleven wildfire events to date.

In fact, Canada has recorded at least one fire-related catastrophe event each year since 2023, including five events declared in 2025.

Laura Twidle, President and CEO of CatIQ, commented: “Though the loss footprint for the Jasper wildfire was relatively small, it is an important reminder that even a small number of claims can drive tremendous loss. Of the more than 220 events in the CatIQ catastrophe loss database, Jasper maintains the highest average claim value for both personal and commercial property.”

At the same time, CatIQ has also published a six-week post-event estimate of CAD $850 million for the severe storm outbreak that affected Saskatchewan and Manitoba in the Canadian Prairies in June 2026.

At CAD $850 million, this marks an increase from CatIQ’s initial loss estimate of CAD $728 million, with growth primarily appearing in motor lines.

CatIQ also confirmed that both estimates cover property (both commercial and residential) and vehicle (motor) claims.

In addition, CatIQ also noted that it will publish a third update of the market loss from the severe storm outbreak in the Prairies on September 10th, 2026, three months after the event start date. FSA-level loss data for the event will also become available at this time too.

“Contrasting the Jasper fire, the severe weather outbreak saw large population centres directly impacted by storms, driving a very large number of claims. As it stands, this event now has the third highest number of claims of any in the CatIQ database,” Twidle continued.

Concluding: “It has been a busy start to the catastrophe season, and we must remember that these numbers are tied to people who have some of their largest investments and assets impacted. There’s been a significant number of Canadians impacted by severe weather and wildfires this year alone, and up to the end of June, the number of catastrophe claims exceeded 100,000.”