Jasper Wildfire Could Cost Insurance Industry up to $700 Million: Report

Published on July 27, 2024

Wildfire damage in Jasper could make it one of the most expensive wildfires in Canadian history, costing the insurance industry up to $700 million, according to a global credit rating agency. Morningstar DBRS analyzed the potential tally of the wildfires in Jasper on insurance companies, saying it could surpass the costs of the 2011 Slave Lake wildfire. “[The Jasper wildfire] could potentially cause up to $700 million in insured losses, with likely extra claims from tourism businesses,” the agency said in a July 26 report. “We believe that potential insured losses could come close or even be higher than those incurred in the Slave Lake wildfire in 2011.”...

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