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Jasper fires could cost insurance industry $700 million: DBRS estimate

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A new report from DBRS Morningstar estimates the potential insured losses of the Jasper wildfires at up to $700 million.

The credit ratings agency says it believes potential insured losses from this week's disaster could come close to or even be higher than those incurred in the Slave Lake, Alta. wildfire in 2011, which — adjusted for inflation — reached about $700 million.

Alberta Premier Danielle Smith has estimated that between 30 and 50 per cent of the buildings in the town of Jasper may have been destroyed in this week's blaze. DBRS says because Jasper National Park is one of the most popular tourism destinations in Canada, insurers may also face additional business claims with respect to commercial building and business interruption losses.

DBRS says while the situation is serious, it expects the ongoing 2024 wildfire season to be manageable for Canada's property and casualty insurers as long as no major urban areas are materially affected. The costliest wildfire in Canadian history was the Fort McMurray, Alta. wildfire of 2016, which resulted in inflation-adjusted insured losses of $4.4 billion.

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