Insured losses from Jasper wildfire up to $1.23B: IBC

By Lauryn Heintz

The insured damage from last summer’s devastating wildfire in Jasper is higher than initially thought, according the Insurance Bureau of Canada (IBC).

The agency says the second costliest fire in Canadian history is now estimated to have cause $1.23 billion in insured damages, up from initial estimates of $880 million.

There is some good news though, according to the IBC. It says 92.5 per cent of properties destroyed by the fire have now got a demolition permit from Parks Canada. These permits are needed before contractors can start to remove debris and get insured properties ready for reconstruction.

More than 60 residential properties and most commercial sites in Jasper have been completely cleared and are waiting for final testing and sign-off permits from Parks Canada. Once that is done, property owners can apply for reconstruction permits to rebuild.

IBC says insurers can expect to have almost all debris gone from residential properties as of May 1, so that rebuilding can start.

Last summer was the most expensive in Canada ever for catastrophic weather events, with over $8 billion in insured damage.

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