Slave Lake fires become second costliest insured disaster in Canadian history
The wildfires that ravaged much of Slave Lake, Alberta in May caused an estimated $700 million in damages, according to the Insurance Bureau of Canada (IBC). This sum makes the fire the second costliest insured disaster in Canadian history.
The most expensive insured disaster in Canada remains the 1998 ice storm that hit parts of Ontario and Quebec, which cost over $1.8 billion (figure adjusted for inflation.)
IBC said that $700 is a preliminary estimate reported by Property Claim Services Canada (PCS-Canada), a service that tracks insured losses arising from catastrophic events in Canada. Data collected by PCS-Canada confirms that several thousands of claims have been filed for damage to homes, cars and businesses in the wake of the fires.
“The scale of the destruction to homes and property is incredible,” said Doug Noble, Vice-President, Alberta and the North, IBC. “It’s devastating for those who have been affected.”
He added: “Insurance companies were at the evacuation centres within 36 hours of the fire to help affected residents, and the industry will continue to help the community to recover in the months ahead.”
IBC has had its Community Assistance Mobile Pavilion (CAMP) at evacuation centres in Alberta since the fires hit Slave Lake. IBC says the entire recovery process may take more time than usual due to the extent of the claims and the availability of skilled trades and labour for demolition and rebuilding.
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